Open source API lets banks create custom tools for customers

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Banks are not typically known for flexibility or custom services, but a new open source effort aims to change all that. Specifically, the Open Bank Project provides an open, developer friendly “API for banks” that enables the creation of new applications and services. Founded by German software development firm TESOBE, the Open Bank Project essentially allows banks and developers to write a variety of applications that give customers more power and transparency as well as new tools for managing their financial data. Examples already created include a Social Finance application, by which bank customers can choose with whom they would…

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