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How does Microsoft Money, Quicken, and other similar programs get access to your online banking file

1
2006-08-15 10:36:35, Category: Programming & Design
Do they have permisions from each banking institution, does it use a special database set up for pulling such information. I was hoping someone could give me more information on this subject. Thanks

Answers

  1. Mr. Bass Man

    On 2006-08-15 10:59:24


    Companies may make information from their internal computer systems available via a published "API" (Application Programming Interface), allowing other parties to write programs that interact with their systems over the Internet. The API is essentially the set of rules that the external program must follow for communicating with the internal systems. Among other things it establishes controls on what operations the external program may attempt. (For example a bank may want to allow a program to say "send me the balance on this account" but not "add one million dollars to this account".) The core systems that actually house the data will be behind highly secure "firewalls" to prevent unauthorized access and will accept communication only from another company-controlled system that is outside the firewall and serves as a go-between between your home computer and the internal systems. Part of the API will include security measures intended to establish authorization. You supply the necessities for that authorization if you enter your account ID and password into Money or Quicken. That is, YOU supply the permission. Your financial institution will probably also require you to independently confirm with them directly that you wish to allow this sort of access, creating an additional security check. I don't know whether there is a common API standard for financial institutions or they home-grow their own.