this post was submitted on 13 Mar 2024
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The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.
Iβm confused dude, we can already do this?
I've known some guys that are working for one of those "Financial data brokers" like the one Mint uses.
I thought that there was something fancy to actually link your bank account and whatever budgeting app you want to use, like some Oauth or API token...
In reality, you basically give your (plaintext) credentials to this entity which then uses them to open a session with your bank and parse the webpage. If there was some MFA used it forwarded the request back to you and if there was some robot check blocking the connection, they would have employees take control of the session and do the physical clicking on the webpage...
Not saying that all Fin data brokers work like that, but I can confirm that's the way one of the major ones did work internally 4-5 years back .
The problem is Plaid et al are forced to scrape webpages because banks dont offer an alternative. Banks currently hold the user liable for sharing their password if theres a breach, but this new open banking legislation will shift that liability to plaid/third parties.