Most Open Banking APIs build on OAuth2, Apple Pay does not. One might believe that the severely dated card scheme underpinning Apple Pay would easily be replaced by modern solutions like OAuth2. It rather turns out that the core concept in Apple Pay (statically provisioned account-specific keys and associated meta-data), has plenty of mileage left, potentially creating substantial troubles in the Open Banking community. For a more theoretical article you may take a peek at: https://lnkd.in/d7esC7m
Anders Rundgren’s Post
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I’m not sure the comparison is valid to be honest. Having been involved with the creation of the Open Banking specifications we went through many options and included the founder members of Oauth2 in many of those discussions! Creating multi bank integrations without a scheme or contract being in place but ensuring every party is also regulated and can interact securely was not the work of a moment. Add to that the need to integrate with Banking Apps and the multitude of different websites that are all different; the comparison to Apple Pay as a single interface closed shop is an entirely different integration to solve.