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Open Banking

Open Banking - practical considerations

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Open banking, I understand open banking means clients will own their transactional data from Banks and Banks have a duty to make this available when asked.  I spend a lot of time asking clients to download bank statments as a .csv format. I would ideally like a system whereby I can simply pull this data in via a portal and either put it in a s/sheet or cloud software. Do you know if there are any services that can help facilitate this? ie a portal that plugs into banks and can extract the data?  Thanks   

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By Tim Vane
08th Nov 2018 11:25

Several. They are called bank feeds. They've been around for at least a decade in one form or another.

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Replying to Tim Vane:
By Commerce
08th Nov 2018 16:35

Hi Tim,
I understand most feeds to cloud software are still through Yodlee, which means clients have to enter their bank passwords with an obvious security risk. I understand open banking means the information should be available without the client entering bank passwords. I was wondering if there is a platform that can extract it without security risk

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Replying to Commerce:
By johnt27
12th Nov 2018 16:51

Commerce wrote:

I understand most feeds to cloud software are still through Yodlee

This really depends on the software being used and the bank providing the info. Most of the UK high street banks now have open banking APIs that will feed into Xero/QBO, a notable exception being Lloyds who connect with Sage. However, there are still some banks who were permitted delays to getting ready for OB (which have expired in the main). Smaller cloud players have a mixture of Yodlee/API feeds on a bank by bank basis.

I understand ReceiptBank have a feature coming to market soon for collecting statement info from banks. I haven't seen it but I suspect it will be similar to Yodlee so as not to compete with their platform partners.

The irony is that whilst OB is quite exciting, as the information can only be shared securely via API this will only be useful to clients (and their advisors) if they have a particular requirement that can be serviced via an app of some description.

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By SXGuy
09th Nov 2018 17:03

I'm not even sure open banking is fully tested and a thing yet, past direct bank feeds.

Only today barclays have offered me open banking facilities, its never been an option before now.

I think you may have to wait a little longer before real open banking gets fully integrated. But I believe alot of software providers will be ready for it soon.

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