We are pleased to announce that QuickFile is now officially registered with the UK Financial Conduct Authority (FCA). We started the FCA process in early 2018 in order to take advantage of the new Open Banking APIs. This will provide us with a direct link to 9 of the UK’s largest banks for the purpose of synchronising bank transaction data.
It has always been an imperative of ours to seek out direct integrations with established and challenger banks in the UK. With FCA approval we are now on-track to deliver direct banking integrations with the following UK banking entities.
- Barclays Bank plc
- HSBC Group
- Lloyds Banking Group plc
- Nationwide Building Society
- Northern Bank Limited, trading as Danske Bank
- The Royal Bank of Scotland Group plc
- Santander UK plc (in Great Britain and Northern Ireland)
- AIB Group (UK) plc trading as First Trust Bank in Northern Ireland
- Bank of Ireland (UK) plc
What does this mean?
There are several benefits to working directly with the banks for importing transaction data.
No need to manually initiate bank feed imports or supply one time codes. The feeds will just run overnight in the background. This will eliminate the need for one time codes, per import, as is currently the case with HSBC.
No need to entrust bank login credentials with 3rd party entities. New Open Banking APIs provide a safe and secure way for you to provide time-limited authorisation for strictly controlled activities.
Faster more intuitive setup. No intermediary. Setup is authorised through a direct link from QuickFile to your bank.
More effective recognition and filtering of duplicates. This should allow us to remove fixed delays on feeds where one transaction can be presented on multiple days with different descriptions.
We will now collaborate with Open Banking to begin work on the direct APIs for those banks listed above.
As the scope of Open Banking is widened, other banking providers will no doubt join the scheme. A number of the key challenger banks such as Starling, Tide, Revolut etc have gone down the route of developing their own APIs. We have already launched direct integrations with a number of these partners and will continue to offer the widest support for the challenger banks.
We will of course keep you updated on progress.