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Direct Bank Feed, Yodlee Bank Feed, synchronised bank transaction data


#1

Hi All,

Can somebody in the know give me a bit of clarity on the bank feed issue please. I have read what i can on the knowledge base, but i am still a bit confused.

I see:

  • Yodlee Bank feed - long list of already available banks (including Lloyds, which we have) - small upgrade fee.
  • Direct Bank Feeds - short list of banks i have never heard of, small upgrade fee required.
  • Synchronised Bank transactions - coming online now following FCA registration.

I don’t know what the difference in these facilities is but at a guess the existing feeds upload the transactions to QF automatically, and the synchronised facility will allow two-way interaction of some sort. Not sure.

My situation is a little unusual in that i don’t have logon security for the company bank account, I don’t have a card and i don’t have a card reader security device. I work remotely for a company and we have been unable to get Lloyds to grant access to me due to ID requirements and my location. In consequence, one of the directors sends me a csv file once in a while and i upload the transaction to quickfile.

It would be very interesting for us, if the transaction could automatically appear in quickfile without the need for the csv email and manual entry process. However, I don’t want to buy the upgrade only to find that i still need to use the card and hand-held device (which i don’t own) to access the bank. Of course, I am not too worried about spending the money on the upgrade, but i am just nervous that we set up a facility that in fact prevents me for viewing the bank statement given my limitations.

So the question is this: If one of the directors upgrades to bank feed on Quickfile and sets it up using the banks security details (is this how it works?), will this allow transactions to automatically appear in QF, and more importantly, will I be able to continue doing the book-keeping without having a card reader.

Thanks and sorry for the long question,

Don


#2

If you can log in and download transactions with just secret information (password, pin, etc) and the card reader is only required to authenticate things like payment requests then yes.

If the bank requires the user to generate a card reader code every time they log on then no, that can’t be fully automated through yodlee - the director would have to log into QuickFile and initiate each import from there with their generated code.


#3

Hi @Donquick

The direct feeds are built and maintained by QuickFile directly, whereas Yodlee feeds are by Yodlee themselves.

As we progress through the implementation of the Open Banking feeds, it’s likely this will mean more banks will be through direct feeds rather than through Yodlee.

All feeds are one way, read only. We can only retrieve transaction data and QuickFile cannot make payments or perform any other function.


#4

Thank you both very much for the advice on this.