Apple keeps its platform a little less dense for fintech companies: Since the introduction of iOS 17.4 last week, in the USA there has been a new API called FinanceKit, which can be used to query payment data from Apple services. However, the information from Apple Pay is not currently affected. Instead, only information about the services Card (credit card), Cash (cashback money when using the Apple Card) and Savings Account (savings account with currently 4.5 percent interest), which are limited to Apple’s domestic market, are initially available.
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Integration into external apps
The idea is to be able to view expenses that have been made via the Apple services in question (as well as savings money and Apple Cash earned) in external apps. These include Copilot, YNAB or Monarch. Unfortunately, Mint from Intuit, which is now part of Credit Karma, no longer receives the function.
According to Apple, FinanceKit provides real-time data on transactions and account balances once the user has approved it. In addition, the type of merchant, transaction type, current account balance and data on credit granted and currencies used are transmitted. The financial data is stored securely in the Apple Wallet. If you only use Apple Pay, it will be easiest to use it even after the introduction of FinanceKit Apple Pay transaction history.
NFC release in the EU
There are also other changes to financial services as part of iOS 17.4. For the first time, banks are allowed to use Apple’s NFC interface in the iPhone to deposit credit and debit cards. This would allow a financial institution to create its own cards in its own app for the first time instead of always using Apple Pay.
Banks such as the German Volksbanken have already announced their intention to do this. The Volksbanks probably want to bring their “Pay App” to iPhones; So far it is only available for Android. The app can also be used to use the Girocard for mobile payment. It remains to be seen whether Apple Pay will continue to be supported in parallel. Apple will continue to allow iPhone users to change the default wallet used for payments in iOS. The convenient authorization of payments with Face ID should be possible for third-party wallets.
(bsc)