Open Banking and the Status of Bank Feeds

Updated on 16 December 2019

Our integration with an alternate service provider, Token, is now live. We've received the approvals from the regulators and we're now an agent of Token. You will be able to migrate your bank accounts to Token and fetch your bank feeds in a PSD2 compliant way.

The revised Payment Services Directive (PSD2) came into effect on September 14, 2019 in the European Union. Open Banking, a part of PSD2, requires banks to securely share the customer's financial data only through authorised Third Party Payment Service Providers (TPPs) usually known as Account Information Service Providers. Some of you may be receiving bank feeds through Yodlee.

If at any time, the bank feeds we fetch through Yodlee stop working, you will be notified. If this occurs, we recommend that you import bank statements manually. By the end of October, we will provide the option to switch to another TPP once we get the approval from the regulators. We will also keep you updated in case of any further changes

Here's a list of all the banks and their statuses:

BANK NAME	TYPE	WHAT SHOULD I DO?

Frequently Asked Questions

What is PSD2?

The second Payment Services Directive is an update to the PSD1 which was introduced in 2007 by the European Banking Authority. PSD2 aims at Strong Customer Authentication (SCA) for payments and requires banks to share customer data only through PSD2 compliant third-party service providers.
When did this come into effect?

The new changes came into effect on 14 September 2019. However, the UK's Financial Conduct Authority has provided a 6-month extension (14 March 2020) for Third Party Providers (TPPs) and 18 months for banks and payment gateways to implement Strong Customer Authentication (SCA).

The national regulators in different countries in the EU have been providing extensions to payment gateways for implementing SCA. Depending on the country, the SCA implementation will take place in a phased manner.
What is Open Banking and how does it affect my bank feeds?

Open banking is a part of PSD2 that aims at making bank feeds available to customers only through authorized third parties in a secure manner. This might affect some of the feeds that are fetched by Yodlee from banks in the UK and EU regions.

If your bank feed fetched by Yodlee stops working, you will be notified in the banking overview page. In such cases, we recommend you to import bank statements manually. Based on your bank, we will provide an option to switch to another service provider by 31 October 2019.

Open Banking and the Status of Bank Feeds

Here's a list of all the banks and their statuses:

What is PSD2?

When did this come into effect?

What is Open Banking and how does it affect my bank feeds?

What's next