About Wealth Reader

"Open banking" refers to the system in which banks and other entities share your data with third parties through APIs, with the prior consent of the customer. Open banking is based on several Premises:

• Customer Control: Customers have the right to access and control their own bank details. Meaning they can give consent to third parties, such as fintechs or other banks, to access your data in order to offer services based on that information.
• Interoperability: Banks offer standardised APIs that allow banks to Developers, build applications and services.
• Innovation: With broader access to banking data, businesses can develop new products and services that were not possible before. For example: better dashboards of asset reporting, transfer of totally neglected investment portfolios or scoring of more accurate persons and companies.
• Competence: By opening up access to data, you increase competition across all sectors of the economy, starting with the financial sector.
• Safety: Despite the openness, the APIs comply with strict standards of safety.

Many countries adopt or improve open banking regulations. In Europe, for example, the Second Payment Services Directive (PSD2) It is a regulation that obliges banks to open access to your data to third parties and PSD3 is already in the works.

"Open Banking" and the "PSD2" are related and are often used in similar contexts, but there are clear differences between the two concepts. While Open Banking is a a general concept that promotes the sharing of bank data and access to financial services, PSD2 is a regulated and specific implementation of this concept within the European Union. PSD2 can It is considered a form of Open Banking, but not all Open Banking models are PSD2.

Open Banking APIs work in the same way as other APIs in terms of their structure, documentation and development tools. Standards are used to ensure ease of use.

In the Wealth Reader you will find the documentation in OpenAPI v3 (Swagger), which describes all available endpoints, their parameters, expected responses, and examples of requests and responses, along with a Widget integration guide that simplifies displaying the entity selector and the collection of consent. All customer registrations are accompanied by a session of Technical onboarding from Spain

We have established agreements with several leading tools in the field of asset reporting and Investment portfolio management. If your company is part of these tools, we encourage you to get started Contact us. You'll be able to access our API and start providing your customers with a Automatic data extraction service for financial institutions.

The Wealth Reader API is capable of retrieving the full picture, including all products banking with an exceptional level of detail. This makes it a suitable choice to address other use cases beyond the scope of PSD2. For example, to carry out the transfer of investment portfolios or to enrich information in the accounting management of companies.