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Migrating a Yodlee feed to Open Banking

With the implementation of the Payment Services Direct (PSD2) on 14th September we will be disabling all Yodlee feeds, where a direct Open Banking feed is supported. This is a requirement set out by the Financial Conduct Authority (FCA) to ensure that account holders are adopting the strongest standards and most robust security when sharing account information.

We’ve been preparing for this for over one year and are ready to guide you through the process.

Which Banks are supported by Open Banking?

At the time of writing we are able to support the following Open Banking compliant direct feeds.

  • Barclays
  • Lloyds
  • HSBC
  • NatWest
  • Royal Bank of Scotland
  • First Direct
  • Halifax
  • Bank of Scotland
  • Santander
  • Nationwide
  • TSB
  • Yorkshire Building Society

We are looking to add these additional feeds in September, once the relevant banks have finalised their APIs:

  • Clydesdale Bank
  • Yorkshire Bank
  • Metro Bank

For a more detailed list of banks and account types supported please refer to our coverage document:

Open Banking Coverage

What do I need to do?

You will first need to disable your Yodlee feed. You can do this from the bank statement view screen in QuickFile by clicking on the “More Options” menu and selecting “Bank Feed Details”. From here you will see a red button to “Remove Feed”.

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Once the Yodlee feed has been removed you can setup a new Open Banking consent. Click on the top menu Item “Banking” and select “Open Banking Feeds”.

Now click the button “Connect a bank” and select your bank from the drop down list.

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You will now be directed to your bank where you can proceed to authorise the consent and select which accounts you’d like to share. Once you’ve completed that process you’ll be redirected back to your Open Banking overview screen in QuickFile and you should now see your bank listed.

All that remains is to link your consent to your account in QuickFile. You can do this by returning to the account statement view in your QuickFile account and going into the “More Options” menu followed by “Activate Bank Feed”.

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You will now see a list of your Open Banking consents which you can link to this account. There’s also an option to back date your feed for upto 1 month (depending on the bank).

Once confirmed the feed will be activated and automatic overnight poling will occur to synchronise your transactions. You can also run a manual refresh (upto 4 per day) to refresh the account whenever you choose.

Open Banking consents must be renewed every 90 days, but don’t worry we’ll email you to let you know when this due.

That’s it for now, if you need any help with the transition from Yodlee to Open Banking please don’t hesitate to get in touch.

Hi there,
I bank with HSBC Business. I link to my business current account with Open Banking. I also have an HSBC Business “Money Manager” account, to which I have been linking via Yodlee.

I now have a note saying Yodlee support is ending for this account, and I should transfer to an Open Banking feed. But this account does not appear to be currently supported by Open Banking. Any chance of implementing this?

Thanks

Hi @bigpillow

I’ve not come across “Money Manager” personally. Is this a savings account of some sort?

HSBC are one of the banks that are not yet providing access to savings accounts through Open Banking. We are informed that they will be adding savings accounts, although unfortunately I don’t have a date for this as yet. I do however believe it is one of their top priorities.

Hi Glenn, thanks for the update. I assume this applies to Santander too? I can’t see my business savings account on the new Open Banking feed with them (although I can see my personal current account and credit card, which is odd). Any idea when they plan to add it and if they plan to add business credit cards too?

Hi @Grinden, I spoke to Santander yesterday and they said that they would have savings accounts live by 9th September. They did mention that they’re already supporting credit cards but I will clarify if this extends to business credit cards.

Thanks Glen. The HSBC Money Manager is a savings account. If HSBC savings accounts aren’t supported Open Banking by 14th September will you be able to keep the Yodlee feed live?

Yodlee are currently seeking clarification on this point with the FCA, as soon as we know more we’ll update you.

Thanks @Glenn. It would be really useful if they could start supporting Santander business credit cards too, so if you could nudge them that way that’d be great.

So, at the moment we pay more under Affinity for the ‘automated bank feeds’ monthly rolling contract, I understood this was to cover the cost of Yodlee. Presumably then once I’ve migrated everyone over to Open Banking I can go through and delete all these subscriptions and actually save myself some money? :slight_smile:

Hi @BBK,

The ‘Automatic Bank Feeds’ allows access to both Open Banking and Yodlee feeds so would still be required if you wish to use the Open Banking feeds

Ah well, it was worth a try!

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so now the credit card bank feed dont work ? how do i connect teh credit card to the bank?

@pelican who is your credit card provider?

Natwest same as business account provider

Natwest are supporting credit cards via Open Banking. You should therefore be able to add your credit card when creating a new Open Banking consent with Natwest.

Seeing that Santander Savings accounts would be supported from 9th Sept I deleted Yodlee feed but still cannot seem to add another Santander account? Do I need to delete the existing Santander current account first and start again?

Any thoughts?

PB

@BanksyBoy it would appear that Santander have delayed the update scheduled for 9th, it’s now showing to go live tomorrow. If you retry later in the day tomorrow you should be able to create a consent to cover both accounts.

how do i connect to it as its not in the list

@pelican I suspect because you already have a consent with Natwest. If you revoke the existing consent with Natwest then initiate a new one, you will reach a point in the Natwest screen where it prompts you to select the accounts that you wish to include as part of that consent. At this point you’d select both the current account and credit card account. You can then go to the respective statement views in QuickFile and activate the feeds.