The Open Bank Project provides an open source developer friendly “API for banks” that developers and companies can use to build innovative applications and services based on the account holders transaction data. It uses a secure, enterprise ready technology stack and supports secure Internet protocols such as OAuth.
The Open Bank Project exposes transaction data in a simple and consistent structure by abstracting away the peculiarities of each banking system. This is achieved by “connectors” that interface between the OBP API and each core banking system. This enables application developers to write an app once, and use it for many banks.
The Open Bank Project API supports transparency services via multiple configurable views on transaction data so that for instance the public may see most details of an NGO’s transactions whilst still preserving privacy where required. It also supports transaction data enrichment: Comments, tags and images may be added to transactions by authorized users so creating a dialogue around the data.
Deploying the OBP API can encourage a community of developers to grow around the bank and enable them to build innovative products and services for customers based on the “bank as a platform” principle. Services may be offered via an App Store and the best ideas can be cherry picked for use in branded interfaces. Customers can benefit from freer innovation cycles, greater choice and quality - and the bank, as the gatekeeper to the OBP API, may charge customers for this added value.