Apple has recently rolled out its iOS 17.4 update, which not only focuses on adapting iOS to the EU’s Digital Market Act Regulation but also introduces a new API called FinanceKit. This API allows developers to retrieve transaction and balance information from Apple Card, Apple Cash, and Savings with Apple.
Key Takeaway
Apple’s release of the FinanceKit API marks a significant step in enhancing the accessibility and functionality of its financial products, providing users with greater convenience and real-time tracking capabilities for their transactions and balances.
Partnership with YNAB, Monarch, and Copilot
Upon its launch, Apple has collaborated with YNAB, Monarch, and Copilot for the FinanceKit API. Copilot, in a post on X, expressed that users can now track all Apple finance accounts in real time, eliminating the need to upload documents to view their transactions.
Positive Feedback from Partners
Todd Curtis, CEO of YNAB, expressed his excitement about being one of the first apps chosen by Apple to implement this feature. He stated, “Since 2004, YNAB has been focused on helping people change their relationship with money, and we are excited that this integration will enhance the YNAB experience for Apple Card holders, making it even easier for them to spend confidently, save aspirationally, and even give joyfully.”
Apple’s Expanding Financial Products
Apple has been steadily increasing its range of financial products over the years. The introduction of the Apple Card in 2019 was followed by the announcement earlier this year that Apple Card users earned $1 billion in daily cash rewards in 2023. Moreover, the company revealed that more than 12 million customers are currently utilizing Apple Cards. In April 2023, Apple, in partnership with Goldman Sachs, launched a savings account offering a 4.15% APY. By August 2023, the new savings account had already amassed over $10 billion in deposits.
