Comments on: Who owns your bank transaction data? http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/ Made in New Zealand from local and imported ingredients Tue, 14 Feb 2012 22:58:34 +0000 hourly 1 http://wordpress.com/ By: Xero Bank Feeds « Rowan Simpson http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-8044 Wed, 30 Jul 2008 01:40:03 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-8044 [...] Who owns your bank transaction data?, 12 Aug 2007 [...]

]]> By: Fixing Personal Finance Software « Rowan Simpson http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-7789 Mon, 12 May 2008 09:35:48 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-7789 [...] Who owns you bank transaction data? [...]

]]> By: Craig Larmer http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3955 Tue, 14 Aug 2007 00:59:18 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3955 I think the banks do own the data but the NZ Privacy Act says that if an agency (the bank) has information relating to an individual (defined as “a living natural person”) then that person can access the info for a “reasonable” fee. If you think the fee is unreasonable then you can complain to the Privacy Commisioner.

It only talks about oral or written requests, no mention of electronic requests.

If the information is for a company does that mean the agency can refuse a representative of the company because the information does not relate to a “living natural person”?

]]> By: Peter J Cooper http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3855 Sun, 12 Aug 2007 23:15:02 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3855 One minor point – I think the bank owns the data in most countries, it is their record of the client’s interaction with them.

Separately, not sure if you have seen yodlee.com in the US but it is worth a look.

Saasu.com supports another 3 kiwi banks as of last week too.

Cheers, Peter.

]]> By: lance http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3854 Sun, 12 Aug 2007 22:50:43 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3854 $1500 a month for delayed un-redistributable data is a great way to ensure your market is irrelevant. It means that only brokers can afford it, and so the retail investor is left information-free. That means less retail investors (after all who wants to invest without information) and less market trading.

Meanwhile I get live NYSE and NASDAQ data via eTrade simply for a having certain number of transactions per quarter or holding a certain (relatively low) amount of invested capital.

]]> By: Glen Barnes http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3806 Sun, 12 Aug 2007 09:51:54 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3806 Rowan: Pretty much all Government departments!

Lance: NZX data starts at $1500/month for delayed data and this is not redistributable. There is no easy free access to the delayed data via web services that I can find.

]]> By: benkepes http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3736 Sun, 12 Aug 2007 07:44:42 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3736 Opportunity exists from addng value to public available information. Any attempt to tie information up and derive revenue from delivering it in snippets is destined to failure as more progressive businesses find ways of deriving income from publically available information.

As an example Xero will fail if all it does is provide an alternative accounting platform – it’ll crank if it develops a more x.0 methodology

]]> By: lance http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3623 Sun, 12 Aug 2007 03:00:21 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3623 I’m astonished that they’d think to charge for this. An I’m dismayed at the manual registration process, which is an adoption rate killer.

Sadly though I am not surprised.

I’d love to get my hands on my own historical data – for the last 12 years say. Forgetaboutit says the bank.

Falafulu:
Share market data is traditionally charged for on a basis of timing. If you want live data from any market then you pay, as it is valuable informaion. NZX and other exchanges make good money from this service.

But generally recent historical data should be free for any market (e.g. from finance.yahoo.com) so you should be able to build and test your model before paying the fees at launch. I am struggling in NXZ, though, to find any reasonable recent history data, and wish that NZX would give their delayed data to Yahoo and Google like all the major exchanges do.

]]> By: Falafulu Fisi http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3622 Sun, 12 Aug 2007 02:52:29 +0000 http://rowansimpson.com/2007/08/12/who-owns-your-bank-transaction-data/#comment-3622 The other one I can think of is the NZX. I have had informal conversation with officials at NZX, since the application that I am working on (in my free time) is one analyze the financial markets in real-time and alert users (investment advisors, individual investors, fund managers, etc) about opportunities in the market by scrutinizing its performance . They told me that I need access fees to the data. I thought that the data belongs to the public (share owners of listed companies).

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