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.
- Royal Bank of Scotland
- Bank of Scotland
- First Direct
You can now find a live view of Open Banking feed coverage and development status here.
Retiring Yodlee Feeds
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.