Apple vs. Open Banking: Public APIs are no longer an option for financial applications

Apple has changed the rules of the game for financial applications on its platforms: applications related to “financial trading, investment and money management” will no longer be allowed access to public programming interfaces (APIs) as Apple has decided in its update to “review guidelines” applicable to software distribution in its app stores.

Removed the use of public APIs

It wants to clarify who is allowed to provide such tools, Apple explained. Financial applications must come from the respective service providers’ financial institutions, which now state only in paragraph 3.2.1 (viii) a summary of the Apple Terms. By the rules, third-party providers previously had to use public APIs for their financial and cash management applications – this option has now been removed.

This creates uncertainty among many banking application providers: online banking standards such as Findis or the old HPCI interface also writes MoneyMoney, the provider of the online banking application, and it remains to be seen whether this will be the result of “independent” banking applications “.

Interfaces for “open bank”

In Europe, the payment services movement PSD2 is now forcing banks to set up interfaces to enable secure access (“open banking”) to third-party service providers. However, under Apple’s new rules, the use of such interfaces will now no longer be permitted for iPhone, iPad and Mac applications from third-party providers. Mac apps can only be sold outside of Apple’s App Store, and you do not have to follow the board’s usage rules for this distribution channel.

Whether Apple wants to take action against multiple banking applications with the changed rule remains open. A request from the group was not answered. There are no reports of application rejections or discharges yet. Developers of financial applications seem to be going mobile against the new regulation: since last fall, Apple has given developers the option to challenge the basics of personal rules – but the company continues to make decisions.

(lbe)