Which banks use open banking?

Several banks have moved into open banking without much fanfare. A couple of years ago, U.S. Bank signed data-sharing agreements with multiple fintech companies and data aggregators.

J.P. Morgan Chase also reached a data-sharing agreement with Envestnet | Yodlee that allows the bank's customers to send financial data to more than 1,200 third-party apps across the Envestnet | Yodlee platform.

Other providers of financial services -- including Citigroup and Wells Fargo -- have made similar arrangements with fintech companies.

Some banks have made a bigger splash with their entry into the world of open banking. BBVA's Open Platform program offers products and services to businesses looking to give customers financial products even if those businesses are not strictly banking operations. 

Capital One's developer platform DevExchange is billed as "your portal to our trusted API solutions." Capital One also trumpets its commitment to keeping its open banking operations secure, saying it uses strong authentication controls and encryption technology to protect customers' financial information.

Barclays uses open banking as a tool for account aggregation inside its mobile banking app. Customers can view their accounts with other banks on Barclays' mobile app.

To date, open banking is more common with European banks than with their U.S. counterparts. But a growing number of U.S. banks are now jumping aboard the bandwagon. 

Some experts have noted that more U.S. banks are likely to embrace open banking as their core providers embrace this strategy. Three leading core providers in the U.S. -- FIS, Fiserv, and JHA -- all have moved toward robust open banking strategies by creating API gateways that expose the data and functionality. Some banks also may build their own API layers that rest upon the core.

Connectivity to ALL Core Systems