Banking API for P2P mobile app

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So I am in the process of creating a P2P payment app outside the US. Is it absolutely necessary to get permission from a bank to connect to their API? I don't want to involve the banks as they will not be happy with my app.

What I have tried:

I hired a team of developers. The lead developer said that it was absolutely necessary to involve the banks and ask access to their API, but this is a path I do not want to take. Full disclosure, I am not a programmer.

Posted 7-Nov-17 13:47pm

Member 13508907

Updated 7-Nov-17 14:47pm

PIEBALDconsult

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Dave Kreskowiak · Answer 1 · 2017-11-07T14:47:00

Solution 1

You simply have no choice. You either involve the banks and get permission or your app is dead in the water.

Quote:
they will not be happy with my app

Well, that tells me you're not going to get the permission from banks, even if you ask. So, again, you're app is probably dead in the water.

Granted, I have no idea what your app does, but if you're saying this, it can't be good for the bank and will probably just piss customers off too.

Posted 7-Nov-17 14:47pm

Dave Kreskowiak

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Dave Kreskowiak 7-Nov-17 21:21pm

Hahahaha! And you expect to do this WIHTOUT the banks permissions to use their API's?! That's funny.

Also, the app is doing its business AS THE USER USING IT. When the bank gets wind of what's going on and cuts everyone off, they're going to be pissed, at YOU.

Getting the banks on board is up to you. YOU have to make the sales pitch to use their API, if they even have one that's secure enough to use so you can make transfers.

Since you're being an intermediary, with customers money, you're going to have to sign your life away to guarantee that you're not going to just steal the money. If you're never done business in the banking industry, I find it difficult to believe that they're going to extend any amount of trust to you without a large bond or insurance policy with plenty of documentation to back it up.