You may have heard already about the Open Banking Initiative. It provides a new framework allowing account holders to control their data in a secure and convenient way. QuickFile have been at the forefront of Open Banking adoption, becoming FCA registered in 2018 and launching our first Open Banking feed in early January. We’re now providing Open Banking powered feeds for the largest UK banks including.
Barclays
HSBC
NatWest
Royal Bank of Scotland
Lloyds
Santander
Nationwide
Halifax
Bank of Scotland
First Direct
Nationwide
You can now find a live view of Open Banking feed coverage and development status here.
With the new Payment Services Directive (PSD2) coming into force on 14th September, we will be switching off all Yodlee bank feeds where there is an Open Banking equivalent. If you have a Yodlee current account feed for any of the above named banks we recommend switching to an Open Banking feed before 14th September.
Savings and Credit Card Accounts
Currently a number of banks have not yet implemented support for savings accounts and credit cards. In such cases we expect you will be able to continue accessing those feeds through Yodlee after 14th September. Eventually the majority of account types will be brought into the scope of Open Banking. We will endeavour to provide the widest support available to cover all account types available within the Open Banking ecosystem.
Update 2nd September: Although the majority of the above listed banks are now supporting savings and credit card accounts, some have not yet connected these accounts to their Open Banking implementation. We are currently seeking clarification from Yodlee in regards to their ongoing support for these account types and will provide further updates in due course.
What about the Challenger Banks?
We now have direct feeds with a number of challenger banks including Starling Bank, Revolut and Tide. Several challenger banks are seeking to join the Open Banking ecosystem later this year. We’ll provide further updates on when these will be available in due course.
If you have any questions about Open Banking or any other aspects of PSD2, please don’t hesitate to comment below.
just looked at this and tried to change some of my clients to this as they have yodlee bringing in the data plus some who dont and cant see how to turn off the bank feed and change over to open banking the new feeds,ive tried it with my own accounts and it says ive got to sign up to yodlee but your turning this off so??
If you go to the bank statement view of the bank account you want to switch to Open Banking, then select More Options >> Bank Feed Details, you should see an option to Remove Feed:
You should then be able to set up an Open Banking feed after this has been done.
We’re actually working on Metro Bank right now. They aren’t yet fully enrolled on the Open Banking directory, although they have adopted the relevant standards and there is an API we can integrate with until such time they become fully enrolled.
I’ve disconnected the Yodlee feed, but when I click Activate Bank Feeds to setup the open banking, it says " We’re sorry but the Yodlee Service did not respond. Please try again shortly."
One thing to double check is how the bank account is set up.
Do you see the bank logo when viewing the bank statement in QuickFile, or do you see a grey icon? If it’s the icon, go to More Options >> Settings and set the name of the bank there (from “Other” to the correct one).
This is used to help with the link up through Open Banking.
Hang on… I currently have a live feed to cater allen. IIRC I pay for this service, and now you are not even listing them as something you are going to add? This is not good. The whole reason I even set up a quickfile account was to do this (and am paying for it), Why on earth would you turn off my feed before you provide a replacement???
this is fine if the client has had yodlee bank feed ive set up one client but ive got another 15 which i want to have bank feeds on but it keeps going to the new subscription sign up to paying 15 plus vat to yodlee bank feeds .i have changed over 1 client who had yodlee which was easy but when no bank feed set up it dont work how do i get around this issue,ive tried what you suggested.
If they didn’t have any bank feed subscription before then they will need to pay the £15 if they want to start using a feed (the £15 covers both Yodlee and Open Banking feeds). But if they’re happy not using a feed at all then they don’t have to start now.
