Hello, what do people think of Freetrade setting up a banking API, to be easier for banking apps to display Freetrade I. E. Monzo
This should come in time with Open Banking (mandated standards all banks have to follow).
I don’t think investment accounts are included in that yet, but hopefully they will be soon. At that point freetrade could allow access to banks so that we can see our account there.
EDIT - see Alex’s correction below, this is planned under Open Finance, not Open Banking, and only at a very early stage.
Yes, I also believe investment accounts are not yet in it, I’m suggesting Freetrade get ahead of the curve
What do you mean? Freetrade is already using open banking API for money transfers.
It would be great if they built say a plaid integration though.
Open banking does not do what you think it does, largely because Freetrade is not a bank. FT would be able to use AISP and PISP to work with a bank (and they do) but it’s a one way street. I.e. AISP would let them get information FROM a bank but they wouldn’t be able to send information TO a bank (well, aside from your consent that is). What I think you want is Open Finance and TISA is trying to do it but it is couple of years away.
You can check OB roadmap here: CMA publishes approved Roadmap for the final stages of Open Banking implementation – Open Banking
(I was on OBIE working group when this was designed )
Thanks for the correction.
Sorry I thought all of this was called open banking and had heard investment accounts would appear in banks like monzo at some point under that rubric. Nice to know it is planned at some point.
Investment accounts are not planned for open banking as far as I can see, only saving accounts.
Open finance is a separate initiative that is looking to tackle investments, tax, digital ID etc, but it’s mostly at the industry working group level right now.