Starling Bank, a new digital bank, is running an inaugural open banking API hackathon this weekend for developers seeking to deliver banking services through the Starling current account platform. Starling’s core proposition is a current account on an open banking platform. The API architecture, based on RESTful principles, is in line with the upcoming Payment Services Directive 2 (PSD2), a European directive coming into force in the EU in 2019. The UK Competition and Markets Authority (CMA) will require the biggest UK retail banks, to open access to transaction data by January 2018. Arguably, you can point a finger at government policies opening up access to bank data in the UK and the EU through PSD2 as one of the sources for starting this contagion in open banking.

Source: Forbes April 07, 2017 06:22 UTC