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The bank accounts API allows you to securely store bank account details in exchange for a bank account token. This token can then be used to create a recipient using the recipients API. A bank account token can only be used once to create a recipient.
Open banking is a system under which banks open up their application programming interfaces (APIs), allowing third parties to access financial information needed to develop new apps and services and providing account holders greater financial transparency options.
APIs, or application programming interfaces, are the hooks and software used by programmers to build applications that connect to other firms' technology. Banks with APIs enable fintech firms to build apps that utilize their infrastructure, like checking account balances.
Open banking refers to the use of APIs to share financial data and services with third parties. Third parties typically provide technology, a service or an app to the bank's customers that makes use of the shared financial data and services.
Just a helpful hint, there is a company called Yodlee.com who provides this data. They do charge for the API. Companies like Mint.com use this API to gather bank and financial account data.
Also, checkout https://plaid.com/, they are a similar company Yodlee.com and provide both authentication API for several banks and REST-based transaction fetching endpoints.
I use GNU Cash and it uses Open Financial Exchange (ofx) http://www.ofx.net/ to download complete transactions and balances from each account of each bank.
Let me emphasize that again, you get a huge list of transactions with OFX into the GNU Cash. Depending on the account type these transactions can be very detailed description of your transactions (purchases+paycheques), investments, interests, etc.
In my case, even though I have Chase debit card I had to choose Chase Credit to make it work. But Chase wants you to enable this OFX feature by logging into your online banking and enable Quicken/MS Money/etc. somewhere in your profile or preferences. Don't call Chase customer support because they know nothing about it.
This service for OFX and GNU Cash is free. I have heard that they charge $10 a month for other platforms.
OFX can download transactions from 348 banks so far. http://www.ofxhome.com/index.php/home/directory
Actualy, OFX also supports making bill payments, stop a check, intrabank and interbank transfers etc. It is quite extensive. See it here: http://ofx.net/AboutOFX/ServicesSupported.aspx
Also check out the open financial exchange (ofx) http://www.ofx.net/
This is what apps like quicken, ms money etc use.
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