Apple introduces FinanceKit API for Apple Card, Cash transactions
Apple has unveiled FinanceKit, a new API that enables developers to access transaction and balance details from Apple Card, Savings with Apple, and Apple Cash. This feature is part of the iOS 17.4 update, which primarily addresses the EU's Digital Market Act regulation. At its launch, Apple has teamed up with financial management apps YNAB, Monarch, as well as Copilot.
Partner apps offer real-time tracking
Copilot revealed that users can now monitor their Apple finance accounts in real-time, eliminating the need to upload documents to view transactions. YNAB's CEO, Todd Curtis, shared his enthusiasm about the integration, saying, "We are thrilled to be one of the first apps selected by Apple to bring this feature to life." He added that this would improve the YNAB experience for Apple Card users, making financial management easier for them.
Apple's growing financial product offerings
Over time, Apple has broadened its range of financial products. The company introduced the Apple Card back in 2019 and reported that users earned $1 billion in cash rewards daily in 2023. With over 12 million customers using Apple Cards, the tech giant also launched a savings account in April 2023, offering a 4.15% APY (annual percentage yield) in collaboration with Goldman Sachs. By August 2023, the new savings account had already accumulated over $10 billion in deposits.
iOS 17.4 has also brought these changes
In the EU, iOS 17.4 users can now access alternative web browsers as well as app marketplaces. There is a new cryptographic protocol for iMessage (PQ3) that bolsters end-to-end messaging encryption against quantum computing attacks. Improvements to the Podcasts app, Siri, as well as the Battery Health indicator, can also be seen.
