An Open Banking Solution API is a secure, standardized interface that allows third-party providers to access financial data and functionality from participating banks. It enables businesses to develop innovative financial products and services that can be offered to customers.

Open Banking Solution APIs are designed with security in mind and comply with PSD2 regulations. They use secure customer authentication (SCA) methods to access the data and all data exchanged is encrypted to protect the sensitivity of the financial information.

Through an Open Banking Solution API the following data can be accessed:·
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- account information,
- transaction history,
- balance information,
- and sometimes other financial data.

It is also easy and secure to execute payments through Open Banking
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To access an Open Banking Solution API, you will need to partner with a TPP who is participating in Open Banking (only authorized organizations can use Open Banking) and obtain consent from your customers to access their financial data from the bank.

Open Banking API is quite straightforward. You partner with an authorized thirdparty and simply use them to access the banks data. However, care should betaken handling and processing the data retrieved through the API. Of course the consumer has to provide his/her consent for accessing the account, but thereare also other guidelines that need to be followed.

The data should be secured, it should be clear how the data is processed and stored and privacy should be maintained.

By partnering with TPP the integration of an Open Banking Solution API into an application typically involves obtaining an API key and configuring the application to make API calls. In the Solution API call, the consent of the consumer (PSU) journey is already embedded and post consent the data can be retrieved seamlessly and can be used in the application. The TPP will comply with PSD2 regulations and provides the necessary security and data protection measures to ensure compliance.

Data from multiple banks is available through an Open Banking Solution API as long as these banks are participating in Open Banking and you have obtained consent from your customers (PSU). It depends a little bit on the TPP you are working with, but most TPPs have access to multiple banks..

An Open Banking Solution API handles data privacy and security by using secure authentication (SCA) methods, encrypting data transmission, and complying with PSD2 regulations.

In order to properly evaluate Open Banking Solution API providers, check factors such asthe level of security and compliance, the range of financial data and functionality offered, the ease of integration and of course cost for these services. It is also important to consider coverage for both countries and banks offered along with the level of customer support and technical resources availability.

You can also look at the various Business solutions along with the value added services like Dashboards, Dynamic Reports, etc the provider delivers.

Providing payments capabilities through Open Banking is a cost effective and almost frictionless experience compared to card payments. It provides an almost pan-European (and even banks outside Europe are embracing Open Banking) payment instrument.

OnelinQ provides the following products around Open Banking:

Simplified API: Ready to use AIS and PIS endpoint which takes care of all various methods of the Strong Customer Authentication journey. The USP for this API is easy integration and the effortless consumption of the API.

Advanced API: Unified Single Standard OneLinQ API toconnect Pan European banks which follow heterogenous standards. This API covers the wide range of AIS and PIS endpoints. OneLinQ also offers various ready-to-use Solution API for Payments and Account Information.

Payment Initiation Services:
·       Single Payment
·       Payment Request
·       Merchant Pay
·       Wallet Funding
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Account Information Services:
·       Account Holder Verification
·       Account Aggregation
·       Affordability Check
·       Income Verification
·       Income Expense Analysis
·       Categorization
·       Business Health Check (Coming soon)
·       Prediction & Cash Forecasting (Coming soon)

OneLinQ is connected to over 2,800 banks and financial institutions across 30 countries. Since this number is still growing, please check our full coverage at onelinq.com/live. You can find which services we offer (AIS and/or PIS) and in which environment we do this (sandbox and/or production)

You can get a glimpse at our tech in onelinq.com/live demo or try it out for yourself by creating a free account at OneLinQ Sandbox API Portal, where you can use real or test data to try our platform.

The license can be found for Europe at https://www.dnb.nl/en/public-register/register-of-payment-service-providers/ while the license for the UK canbe found at https://www.openbanking.org.uk/regulated-providers.

OneLinQ is a payment institution authorized by the DNB (Dutch National Bank) for Europe and the FCA (Financial Conduct Authority) for the UK. Through this license OnelinQ can provide Payment Initiation Services (PIS) and Account Information Services(AIS).

OnelinQ Open Banking Solution API is a standard product in which OnelinQ provides customizability through certain optional parameters

OnelinQ has 24/7 support services. You can reach support through support.openbanking@onelinq.com.