Open Banking UK

Nick's Avatar

Nick

11 Jan, 2021 11:32 AM

Its been a couple of years since banks in the UK started to implement Open Banking protocols. I know from previous discussions that IK were looking at implementation but this seems to have gone quiet. I gather that there are regulatory considerations but the absence is starting to make Moneydance look like last generation's tech. I haven't found a desktop alternative to Moneydance which I prefer but automatic downloads would make a huge difference.

  1. Support Staff 1 Posted by Melissa on 13 Jan, 2021 12:44 PM

    Melissa's Avatar

    Hi Nick,

    Currently, Moneydance supports automatic downloads only using Direct Connect. Unfortunately, UK/European banks do not support this connection method, at the moment.

    By only using Direct Connect, we can guarantee that your username, password and financial data only ever exists with your bank or on your own personal computer, and at no point are your details stored on another server.

    You can read more about why we only support this connection type in our blog and also in this article.

    Some banks in the UK/Europe have recently begun using a service called 'Open Banking', and we are actively looking into adding connectivity to Moneydance. Unfortunately, it is not reachable by Moneydance right now because it requires a third-party service to connect to the bank. We're going to wait until Open Banking allows connections directly from the software running on our customer's devices.

    We fiercely believe that your financial information should be secure and only accessible to yourself, your financial institution, and anyone with whom you explicitly choose to share it.

    Without Direct Connect, you are still able to easily import your data into the program. For now, the best way to get your files into Moneydance is to use a web browser to download them from your bank's web site.

    We'd recommend you use the OFX or QFX file format if either of these are available. If not, use the QIF file format. You can find the steps for manually importing your data in this article.

    Hope this information helps. Please do let us know again if you have any other queries. Thank you.

    --
    Melissa, Infinite Kind Support

  2. 2 Posted by Nick Bridgland on 13 Jan, 2021 08:34 PM

    Nick Bridgland's Avatar

    Thanks Melissa. I know about Open Banking (hence my question). From what you say I take it that you will only support open banking if they change the system rather than partnering with a 3rd party intermediary. I guess I will still stay on the look-out for a service which does just this.

    A disappointing really…

    Thanks

    Nick

Reply to this discussion

Internal reply

Formatting help / Preview (switch to plain text) No formatting (switch to Markdown)

Attaching KB article:

»

Attached Files

You can attach files up to 10MB

If you don't have an account yet, we need to confirm you're human and not a machine trying to post spam.

Keyboard shortcuts

Generic

? Show this help
ESC Blurs the current field

Comment Form

r Focus the comment reply box
^ + ↩ Submit the comment

You can use Command ⌘ instead of Control ^ on Mac