<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>rojeee</author><text>All banks in the EU must offer a data and payments API. The APIs are standardised and must allow third party service providers - which themselves must be regulated - to be able to build services using these APIs. With a user&amp;#x27;s authorisation, said service provider can view transaction data or initiate a payment, for example. The specific regulation is called &amp;quot;payment services directive 2&amp;quot;.</text><parent_chain><item><author>rendall</author><text>I didn&amp;#x27;t understand that article. Maybe I don&amp;#x27;t have enough context.&lt;p&gt;&lt;i&gt;&amp;quot;share their bank data with other parties&amp;quot;&lt;/i&gt;&lt;p&gt;What? Who wants to share their what now with whom? Why would they do that?&lt;p&gt;&lt;i&gt;&amp;quot;Fintechs like Plaid, TrueLayer and Tink have founded their businesses on providing access to regulated banking data for a fee..&amp;quot;&lt;/i&gt;&lt;p&gt;What data? Aggregated? Individual banking? What regulated data? What regulations?&lt;p&gt;&lt;i&gt;&amp;quot;Under current banking regulation, raw data must be provided for free to consumers via an official application programming interface (or API). As a result, the apps pick up the cost on behalf of their users.&amp;quot;&lt;/i&gt;&lt;p&gt;What? My bank doesn&amp;#x27;t offer an API. I have no idea what that last sentance even means. What cost?&lt;p&gt;It really seems like the article assumes a lot of background knowledge. Anybody have an ELI5 link?</text></item></parent_chain></comment><story><title>The quiet battle raging around open banking</title><url>https://sifted.eu/articles/open-banking-finance-battle/</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>Nextgrid</author><text>&amp;gt; What? Who wants to share their what now with whom? Why would they do that?&lt;p&gt;Accounting or budgeting services for example.&lt;p&gt;&amp;gt; What data? Aggregated? Individual banking?&lt;p&gt;TrueLayer &amp;amp; Plaid are gateways that translate bank&amp;#x27;s individual APIs into a single common one, and their clients pay them for the privilege (typically a monthly fee per active account connected).&lt;p&gt;&amp;gt; What regulated data? What regulations?&lt;p&gt;There are EU regulations that force each bank to provide an API to any AISP (account information services provider) or PISP (payment initiation service provider). The (A|P)ISP can request the end-user&amp;#x27;s consent (typically via OAuth) to access this data.&lt;p&gt;&amp;gt; My bank doesn&amp;#x27;t offer an API.&lt;p&gt;This is why I dislike the name &lt;i&gt;Open&lt;/i&gt; Banking. It&amp;#x27;s not actually open. You have to either to through tons of regulatory BS to become an AISP or go through a gatekeeper like TrueLayer or their competitors (which will happily &amp;quot;lend&amp;quot; you their AISP license). Fortunately, there are modern banks such as Monzo or Starling which allow the end-user to use the API to access their own account, but technically this has nothing to do with Open Banking (even though it&amp;#x27;s often the same API).</text><parent_chain><item><author>rendall</author><text>I didn&amp;#x27;t understand that article. Maybe I don&amp;#x27;t have enough context.&lt;p&gt;&lt;i&gt;&amp;quot;share their bank data with other parties&amp;quot;&lt;/i&gt;&lt;p&gt;What? Who wants to share their what now with whom? Why would they do that?&lt;p&gt;&lt;i&gt;&amp;quot;Fintechs like Plaid, TrueLayer and Tink have founded their businesses on providing access to regulated banking data for a fee..&amp;quot;&lt;/i&gt;&lt;p&gt;What data? Aggregated? Individual banking? What regulated data? What regulations?&lt;p&gt;&lt;i&gt;&amp;quot;Under current banking regulation, raw data must be provided for free to consumers via an official application programming interface (or API). As a result, the apps pick up the cost on behalf of their users.&amp;quot;&lt;/i&gt;&lt;p&gt;What? My bank doesn&amp;#x27;t offer an API. I have no idea what that last sentance even means. What cost?&lt;p&gt;It really seems like the article assumes a lot of background knowledge. Anybody have an ELI5 link?</text></item></parent_chain></comment><story><title>The quiet battle raging around open banking</title><url>https://sifted.eu/articles/open-banking-finance-battle/</url></story>