All these changes and challenges businesses must put up with… Add the pandemics to these dynamics and we get an environment difficult for businesses to bloom in. The good news is that some great opportunities are emerging and open banking is one of the most important. What is open banking and what can it do for businesses? Open banking is about granting access to businesses bank data, from any bank...
Open banking comes with a lot of expectations and promises, such as democratisation of Access to Account (X2A), increased competition between banks and fintechs, and provision of better control to end-customers over their financial data and payments. To facilitate the adoption of open banking, several API standards incentives were created including Open Banking UK, Berlin Group, STET in France, Polish API, CDR in Australia, and so on. Also, a process...
One more day remains until the next PSD2 milestone. Tomorrow, the EU banks should make available a sandbox to third party providers for connection and functional testing of their applications and how they interoperate with the bank interface. This can be regarded as a rehearsal for the premier of a grand spectacle, where the actors are the EU financial market participants and the audience is the rest of world. The...
There are lots of formats to store or read financial data; Salt Edge is supporting 3 most widely used: OFX, QIF and SWIFT. Why are these formats so important? Open Financial Exchange (OFX). A data stream format for exchanging financial information that evolved from Microsoft’s Open Financial Connectivity (OFC) and Intuit’s Open Exchange file formats. Many US banks let customers automatically download their bank statements in the OFX format. Quicken...
When developing rich JavaScript applications such as fentury.com, a lot of business logic runs on the client-side. In order to provide an excellent user experience, the developers must have insight into any errors that occur in application runtime. In other words, the team must have a way to be notified when an error occurs during the application execution. The canonical way of capturing errors in an HTML+JS app is window.onerror: window.onerror =...
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