Open Banking: where are we now?
Since the introduction of Open Banking feeds last year, tens of thousands of you have been experiencing the benefits of this brand new technology and the improved bank feeds that we’ve built with it.
We’ve been delighted to receive tons of great feedback from you about how easy you’ve found it to switch to Open Banking in FreeAgent and how much you enjoy using these speedier and more secure bank feeds.
So where are we now?
At the moment, we have Open Banking feeds live for most of the key banks in the UK, including the nine largest banks in the UK (known as the ‘CMA 9’). We rely on the banks to make this technology available to us and as soon they do, we get to work building that bank feed. Check out our Knowledge Base for an up-to-date list of all the Open Banking feeds that we currently support.
As a result of recent changes made to PSD2 legislation, many of our Yodlee bank feeds are expected to stop working on Saturday 14th March. If you still have a Yodlee bank feed, you’ll either need to switch to Open Banking or upload your bank statements manually.
How to switch to Open Banking
Switching is simple: you just need to navigate to the relevant bank account in FreeAgent and then hit the ‘Switch Bank Feed’ button. Here’s a step-by-step guide that walks you through the process.
Although we currently support Open Banking feeds for most of the UK’s biggest banks, there are some banks that haven’t enabled Open Banking yet. If your bank isn’t supported, you’ll need to start uploading your bank statements if your Yodlee bank feed stops working.
We’d love to hear any feedback or suggestions you have on our shift to Open Banking, so please do get in touch by leaving a comment below.