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
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 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.
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.