TMB Open Banking API

TMB Bank will have to open up access to payments capabilities and provide services that will enable their customers to receive their data over the internet and easily, safely and securely share it with third parties.

Platform banking, in which external (partner) developers can use APIs to create and extend new services, has the potential to completely reconfigure the value chain and the business model of financial institutions.

The API model is affected by a number of existing legal and regulatory requirements, which should be considered in the implementation. The main challenges around the Open Banking System are centered on security, the customers’ data literacy regarding adopting the proposition and addressing forthcoming legal and regulatory frameworks.

Banking Data

Data produced during financial transactions is often owned by many parties, and both banks and customers will have to give explicit permission for their data to be used by third parties.

First of all, it defines standards and a taxonomy of data for banking transactions and clarifies the uses and ownership of data in each case. Open data, shared data and private data can be generated by banking transactions.

Banks own data about their products, services and operations, which they can provide access to via open APIs (as either open or shared data) within the Open Banking

Access to private data through open APIs can only be given by permission of the data owner (whether individual or business) only, subject to approved security and technical standards.

• Open data: Banking Product information
• Share data
• Private dataUsers’ financial transaction, User’s financial Balance, User’s information such as, User’s account Information, etc.