Basically it downloads your bank account transaction from your current account, Savings and/or Credit Card Account to quickfile. So, you don’t need to write the transaction manually. Have a look here:
What is Open Banking?
In essence, Open Banking is about allowing access to specific financial information in a secure and convenient manner.
In August 2016, the UK Competition and Markets Authority (CMA) issued a ruling that required the nine largest UK banks to allow regulated third parties direct access to their data, down to the level of bank account transactions ( we blogged about this here). Despite all the recent scaremongering it’s important to remember that this is an “opt-in” arrangeme…
For some banks you can use open banking (the new standard and more secure) for others you use the yodlee feed. For bank which a covered with open banking look here:
Last updated: 19th Nov. 2019
With the implementation of Payment Services Directive (PSD2) on 14th September 2019, new direct Open Banking feeds are being introduced that will replace many of our existing Yodlee feeds.
We will be updating this page to keep you informed about our progress. QuickFile are committed to delivering the widest coverage of Open Banking feeds and will prioritse adoption inline with user numbers and availability of the relevant APIs by each of the banks.
For more info about yodlee have a look here:
QuickFile are now working with Yodlee to deliver 100s of UK and foreign bank feeds. A bank feed enables you to automate the process of importing your bank transactions. Once setup your transactions can be automatically imported overnight or by performing a manual refresh.
Which banks are supported?
Here is a list of the main UK banks supported.
Royal Bank of Scotland
I hope it helps