Re:Nordigen: API aggregator to European banks
by maverwa on Monday August 02, 2021 @10:49AM
(#28037205)
You are right, trust is the most important thing here.
But nordigen does not want my money for their service. Instead they want to sell what looks like APIs for ML over your transaction data. So they at least have a good incentive to use my data for training their model.
ofc, I dont know what they do with it, they may be cool ethical ppl just doing a cool thing and my mistrust might be totaly misplaced.
But I have to trust another entity that proxies my connections. Another link in the chain.
And I dont really want to hit on nordigen here, as I said, I dont know them, I have not read that whole website and havent looked in the details.
For me its more about the generell problem. I find it sad that a service like this seems nessassary.
Re:Nordigen: API aggregator to European banks
by aerique on Tuesday August 03, 2021 @03:48AM
(#28046676)
They might be cool ethical people that might be bought up by Facebook or Google at some point.
Re:Nordigen: API aggregator to European banks
by vesinisa on Monday August 02, 2021 @06:24PM
(#28043449)
Read this comment below: https://news.ycombinator.com/item?id=28035602
Nordigen does actually reuse, store and sell your financial data in "anonymized" form. That's rather concerning.
You must of course be able to trust the 3rd party, Nordigen in this case. But I don't think their operational license even allows storing your financial data - only proxying requests between you and the bank. So only your bank is even allowed to store your financial data.
But of course you need to be able to trust that Nordigen indeed does not store and abuse your financial data -- just like you need to be able to trust your bank! Bear in mind though that Nordigen is supervised by the same financial regulation authority as your own bank, and if they were caught doing anything shady they would face very serious consequences - not to even speak of staining their reputation, which would be ruinous for a small startup.
tl;dr: Banking is ultimately about trust, and nothing is ever perfect.