Open Banking and the Status of Bank Feeds
Here's a list of all the banks and their statuses:
|
TYPE | WHAT SHOULD I DO? |
|---|---|---|
| Barclays (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| Santander Business Banking (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| Lloyds Business Banking (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| HSBC Business (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| NatWest Bank (UK) | Bank | Migrate to Token and fetch bank feeds. |
| American Express Cards (UK) | Card | Import bank statements manually from 14 September |
| Barclaycard (UK) | Card | Import bank statements manually from 14 September |
| Metro Bank Retail (UK) - Bank | Bank | Import bank statements manually from 14 September |
| Natwest Business Credit Card (UK) | Card | Import bank statements manually from 14 September |
| Halifax Online (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| Lloyds (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| Barclaycard (Business) New (UK) - Credit Card | Card | Import bank statements manually from 14 September |
| Halifax Online (UK) - Credit Card | Card | Import bank statements manually from 14 September |
| HSBC Business(MiVision) (UK) - Credit Card | Card | Import bank statements manually from 14 September |
| Cashplus Online Servicing (UK) - Bank | Bank | Import bank statements manually from 14 September |
| NatWest Bank Business Bankline (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| Royal Bank of Scotland (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| Yorkshire Bank (UK) | Bank | Import bank statements manually from 14 September |
| Royal Bank of Scotland (Cards Online) (UK) - Credit Card | Card | Import bank statements manually from 14 September |
| MBNA Credit Cards (UK) | Card | Import bank statements manually from 14 September |
| Metro Bank Business Corporate (UK) - Bank | Bank | Import bank statements manually from 14 September |
| The Co-operative Bank Business Banking (UK) | Bank | Import bank statements manually from 14 September |
| Santander (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| TSB Business Banking (UK) | Bank | Import bank statements manually from 14 September |
| Nationwide Building Society (UK) - Bank | Bank | Migrate to Token and fetch bank feeds. |
| John Lewis (partnership) (UK) - Credit Card | Card | Import bank statements manually from 14 September |
| Virgin - Credit Cards (UK) | Card | Import bank statements manually from 14 September |
| aqua card (UK) | Card | Import bank statements manually from 14 September |
| Royal Bank of Scotland Business Bankline (UK) | Bank | Migrate to Token and fetch bank feeds. |
| Barclaycard (Business) (UK) - Credit Card | Card | Import bank statements manually from 14 September |
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.
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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.
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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.
