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How does Mint.com access other banks?

This is my first post so please let me know if you need me to clarify anything!

In a nutshell I want to know how to create a tool that allows you to log into a 3rd party website with your login credentials.

For example, I want to understand how websites like Mint.com logs into bank websites. If you're not familiar with Mint, the tool allows you to log into your bank accounts directly from their website and track your finances with the tool by linking to the information stored electronically on your bank account websites.

More specifically, I want to know:

  1. How are you able to enter your bank's login details on Mint.com and log into your bank's website as a 3rd party?

  2. What programming is necessary to set up an interface/tool like this?

  3. Does Mint need to get the bank's permission to log into the website? For example, before the tool was created was there some type of agreement that was made between Mint and the banks saying that Mint was able to access their information?

Thanks!

Greg

Solution

    1. They are most likely using something like OFX (Open Financial Exchange) or fPML You can do a little bit of research and you will see that most major banks and brokerages support OFX. Etrade i have worked with before, and is great at supporting OFX and has their own api you can use.

    2. PHP, Java, Ruby. There really is no required language, but they all have their different requirements.

    3. Yes you have to get an API key or auth key from the financial institution. Its usually a vendor key, which can be used to access each of the accounts when the correct user/pass hash is supplied.