Automate downloads with Open Banking

How do I use Open Banking to automate transaction downloads to my accounting system?

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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)

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By SXGuy
29th Apr 2020 19:02

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?

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By johnhemming
29th Apr 2020 19:38

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.

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John Toon
By John Toon
29th Apr 2020 22:43

You could tap into Openwrks. It's the 3rs party Xero are using for their OpenBanking feeds

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Replying to johnt27:
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By johnhemming
30th Apr 2020 17:06

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.

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Replying to johnhemming:
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By mhasibu
13th May 2020 19:06

John

Thanks very much for your comments.

I think perhaps I did not make myself very clear. Actually I am not put off by the programming - I have a done stuff like this in the past. My issue is that I have no idea how I would go about getting FSA approval for our own purposes. All the documentation talks about "intermediaries" which I am not - I just want to use the interface for our own purposes.

So my question was whether there are any existing FSA registered intermediaries who offer a system with an API I could use, instead of going directly via the API of the bank concerned. This would then avoid having to get FSA approval.

Alternatively, of course, is there a way of getting FSA approval for own use? How are you handling this issue?

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Replying to mhasibu:
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By johnhemming
14th May 2020 06:04

I am FCA regulated
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=0010X00004OLB0rQAH

Strictly the company that I own is FCA regulated.

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