Selecting an account/bank for a payment is an intrinsic part of Apple Pay whereas not specified at all by current Open Banking APIs. This problem is directly inherited from the security scheme underpinning Open Banking (OpenId/OAuth2). The latter was once envisioned to enable any numbers of identity providers, but (for multiple reasons NB), in reality is only useful with a handful of major providers like Google and Facebook. In practical terms this means that in order to work, payments using Open Banking presumes a situation with a few giant TTPs which actually seems like a worse situation competition wise than we have today. # #security #fintech #payments
Possibly of interest to Gunnar Berger Mikko Päivinen Emil Johansson Tony McLaughlin James Bligh Ortwin Scheja Maciej Kostro Michael Forrest Thierry Spanjaard
Co-Founder & CTO
5yAnders I disagree with the broad statement here. Identity of the individual and the payment account to whom the consent is bound is provided in a token. That token can then act as a payment instrument with the existing standards if banks wished to allow the payment instrument ID/Token to be more than single use. They’re only obliged to do single immediate payment in the U.K. so far. This is choice, not a technical limitation.