Hey there, We are Kontomatik, a market leading developer of Banking API, which is available now in 10 countries. Our technology works like a charm and converts conservative organizations into innovators in already eight countries. In this first blogpost, we are going to tell you a bit more about Kontomatik as a company and provide the basics behind Banking API. Also, we will highlight the reasons for this blog and the content you should expect to find here. Let’s rock!
What is Kontomatik?
Kontomatik is a product that was derived from Kontomierz.pl, the largest Personal Finance Management application in Poland. We started coding in 2009 with a goal of creating a web app that would help people to manage their finances in a better way. Once we have started with Kontomierz.pl, we have understood that a PFM application can only be efficient once a user can connect his banking activities to the app and synchronize the data without any stress. It was, of course, possible to develop an app where a user has to insert all of his financial operations manually, but as we try to excel in technology, we didn’t choose an easy way.
To make sure that Kontomierz.pl will be a useful tool in the everyday life of our users, we have started developing Banking API for the vast majority of Polish banks. Once Kontomierz users could actually connect their banking transactions with the system and let it analyze the operations, we have seen Kontomierz as a product we had in mind once we started. However, we have also understood that there is much more use in developing Banking APIs than Personal Finance Management tools. This is how Kontomatik was born, a truly global Banking API.
The main reason behind creating Kontomatik was to make the financial industry more open for a change. While there are certainly many great minds and lots of exciting ideas, it is always handy to have great technology to rely on when developing your next project. With Kontomatik we wanted to let open-minded financial companies change the way they provide their services and also to allow small technological companies to easily create applications in the financial industry. In simple words – Kontomatik is a tool that connects financial services and their consumers with the banks.
What is a Banking API?
There are many ways to look at Banking APIs, we believe that one should consider it as a new way to authenticate in the financial services. Banking API lets companies eliminate the lengthy onboarding process of their clients. In other words, it is similar to a login with Facebook, but just in the realm of the financial sector.
Client’s banking data, especially the list of the financial transactions is vital for many companies. While there are many online and offline companies that share the data amongst themselves, banks and other financial organizations rarely do so. Banking API lets companies to use the data that was held under the lock and key by the banks and to use this information to perform their services better, faster and more convenient. With Banking API your online lender, FinTech company or just a regular bank can get access to the user’s financial information through his own consent. This means that if a person wants to grant you an access to his own financial data, your company may get it without even a consent of the user’s bank.
Banking API is useful for many reasons. First of all, this technology lets open-minded and open-handed companies get more clients. While there are certainly many financial companies with hundreds of years behind their shoulders, usually the brand and stability is the main part of their offer. With Kontomatik Banking API a company can offer comfort, better services and cheaper deals to gain an edge over the competition. Next to this, Banking API facilities the development of the financial sector by allowing the programmers to rely on the already developed technology.
What will you see at Kontomatik blog?
We are still not sure what content will be coming across our minds and what will be the most appreciated pieces of our readers, hence everything is to be decided. However, for the first few months we are planning to cover the theory and practice behind Banking APIs and APIs in general. Also, as a leading finnovative company, Kontomatik blog would certainly include some highlights about the most interesting updates in the financial industry. We would also try to list the coding practices we follow and make them widespread amongst the API development community. Certainly, we would be also covering the company and product updates in this blog too.
One of our main goals is to measure the quality of the content and the demand for it, so instead of just offering a simple blog, we will be offering two main types of the content. Open articles and special pieces. Open articles are the ones published at our blog and they will be accessible by everyone. Special articles are supplied only via email, so you do have to subscribe to it. These articles tend to be a bit more advanced and in depth.
What we would like to point out is that Kontomatik blog is here for you, not for us. So if you would like to request a special topic, have any question, suggestion or want to share some information with us, shoot us an email at [email protected] and we will see how we can help you. Also, do comment! We love to write, but we enjoy even more reading your comments.