We have an in-house developed accounting system. At the moment I download bank transaction manually via csv files provided by the bank's online system. I would like to automate this using Open Banking. I have looked at the API provided by the bank concerned and I can see how to implement such a feed. The problem is that they will only allow institutions registered with FSA to actually implement such a system. So I have to go via a third party. I can see systems like Intuit Quickbooks which enable you to download into their system - but not easily into my system. Anyway it looks like you have to log in manually every time you want to use their system which defeats the point of automation.
So does anyone know of a third party who provides an API suitable for automating the process of downloading bank transactions via Open Banking?
Replies (6)
Please login or register to join the discussion.
There isn't one anynore since the rules got tightened. There use to be yoodle but they have since stopped services.
Why can't you get fsa approval and implement your own bank feed?
Doing open banking is really quite difficult (I know because I am doing it). Not only do you have to get FCA regulated, but also you have to write quite complex cryptographic code and get all sorts of strange PSD2 certificates.
There are some people (Plaid and Yappily) who will provide alternative APIs, but the best bet is probably to talk to someone like me who is doing this sort of thing. I am looking for guinea pigs at the moment and will provide a free service for people who agree to be guinea pigs.
My email address is [email protected]
(registered with the Financial Conduct Authority under the Payment Services Regulations 2017 [834721])
The screen scrapers are supposed to have stopped by now.
You could tap into Openwrks. It's the 3rs party Xero are using for their OpenBanking feeds
Openwrks
https://www.openwrks.com/
Yappily
https://www.yapily.com/
and
Plaid
https://plaid.com/
All operate in a similar way providing interfaces into open banking if people are up for writing their own API code.
I am doing an different approach by going directly into Open Banking with a view to getting useful information for accounting - particularly to slot into my MTD Income Tax and VAT tax recording systems, but also to feed into other systems.
Open Banking is really quite fiddly technically in a number of ways so I can see the argument for using an intermediary. However, because it is so fiddly I can also see an advantage in going directly into it.
What is nice about it, however, is that payment card transactions can be downloaded through the same route that bank statements are downloaded so transactions from all of the payment systems used by any legal entity are then available.
Even shop cards can be part of this.
I am FCA regulated
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=0010X00004OLB0rQAH
Strictly the company that I own is FCA regulated.