The idea that your bank will provide you with access to various third-party money-related apps and services within its own app — has long been championed by fintech startups, whilst upcoming Open Banking/PSD2 legislation in the U.K. and EU, respectively, will make third-party app integration an inevitable reality. That’s seeing a number of challenger banks skating to where the puck is going, including London-based Starling Bank, which today is launching the Starling Marketplace.
Billed by the digital-only challenger bank as a new concept in banking, the Starling Marketplace puts products from other fintech providers (and in the future “lifestyle products,” because nearly every business is going to be tempted to jump onboard the Open Banking train) within “an easily browsed ecosystem” accessible within the Starling app.
Partnering companies integrate with Starling Bank via the challenger bank’s Open Banking-compliant APIs, although, as I’ll explain below, are integrating more deeply than simply making use of those APIs, which any third-party developer, once vetted, can potentially do.
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