What the heck is going on with access to financial data

So I am frustrated that we seem to be going backwards with syncing our finance data.

I have the following accounts

Current Accounts

  • Starling
  • Nationwide

Creditcards

  • Amex Gold
  • Barclaycard
  • John Lewis Partnership Card
  • Amazon (New Day)
  • Nationwide CC

I used to sync my accounts with Yodelee and knew where I stood at any point with the following apps :-1:

-Pocketsmith
-MoneyWiz
-Moneydashboad

Recently, I am having a nightmare with Credit-cards since the release of OpenBanking or some change. It seems that Yodelee has been blocked and now you have to use Salt-edge and screen scraping is blocked.

With Saltedge I am getting crazy inconsistent balances and finding that I am unable to use the reporting as before on credit cards. Bank accounts seem to be ok on open banking; but I just cannot understand why we seem to have now gone backwards in being able to aggregate our financial info, in particular credit card info.

Is anyone experiencing the same or am I doing something wrong? Its simple - I just want to be able to sync/aggregate my Bank Balance against my credit-cards etc and know where I stand financially, is it too much to ask with all this tech?

Has anyone got this working properly with any aggregator software/provider - I’ve had to go back to a basic googlesheet - Madness!

Cheers
Mik

The days of screen scraping are pretty much over. Open banking is now the standard, but different aggregation apps/services are at different stages in their transition to open banking.

I’m not sure why you specifically refer to to Yodlee and Saltedge. Those are two of the business-to-business tools for facilitating account aggregation but there are others, such as Truelayer and Plaid. Furthermore consumer facing services don’t necessarily have to use them. With appropriate permission from the FCA consumer facing services can connect directly to banks via open banking.

There are lots of consumer facing aggregation apps, but you mention just three. I haven’t heard of Pocketsmith and Moneywiz, but I notice they’re not listed on openbanking.org.uk which suggests to me they’re behind the curve in supporting open banking, https://www.openbanking.org.uk/app-store/

I’m surprised you’re having trouble with Money Dashboard, but I don’t use it myself so not very familiar.

I use Emma, but there are lots others you could try - see link above. Emma has transitioned to open banking and I generally don’t experience the reliability issues you mention. Although it doesn’t yet support two of the cards on your list - Amazon and John Lewis (but support for Amazon is imminent).

Perhaps of interest - here’s a reason why certain banks/cards are more problematic for aggregators to adopt than others

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Thanks for this, really useful. I only mentioned the apps and accounts as they are only the ones I know. Will explore.

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Out of curiosity have you been using the new Money Dashboard (Money Dashboard Neon) or the old (now called Money Dashboard Classic)?

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MoneyDashboard won’t be supporting Coop, Metro, Smile or John Lewis as they don’t provide Open Banking but MCI (which requires credentials to be stored).

It’s not the easiest to find but they have a better list of unsupported banks/institutions.

The other issue is that savings accounts are not supported. While not that big of a deal (I don’t think analytics are needed in the same way and I imagine a lot of them have few transactions), it does limit the idea of these financial hubs if I am checking on balances elsewhere anyway.

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This is very disappointing and a major cop-out from these banks. I sort of see why it is allowed, as it was basically the regulator throwing the very small banks a bone to stop them being required to take on the costly work of implementing “proper” API-based Open Banking. But in my opinion it shouldn’t have been allowed.

John Lewis Finance is just HSBC in JL clothing, so very poor that a major international bank can’t be bothered, and I think it’s a real shame that Co-op, Smile and Metro didn’t bother either - in a way it’s just another count against them, they need to implement Open Banking to stay competitive.

I believe they both (Co-op and Metro) initially indicated they would develop APIs but later said they had reconsidered. I feel quite annoyed about that!

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Hi

I am the creator of MoneyWiz and just wanted to say that we support open banking, you just need to reconnect your accounts using SaltEdge as we support it via SaltEdge and not Yodlee.

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Hi - where do you explain the cost of the service, please. I’ve seen how to sign up for a free trial but that’s it.

Hi Graham

It varies by country, in the UK it is 39.99 GBP/year. You can see more here: https://wiz.money/buy/

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I think there are some clever ways to solve this, because the transactions are there on the current account side anyway.

Emma is actively considering some form of virtual account…

I do know what you mean re the number of institutions that can share financial data seems to have been decimated by open banking.

I think that those who have implemented an API solution will find it far more cost effective than screenscraping (if that is even still allowed).
From what I can see online, it seems that moneydashboard as the largest number of api linked accounts at the moment: https://www.moneydashboard.com/supported-banks

It appears that Amazon is now supported by Moneydashboard.

Also at the bottom of the link I have shared, you can request providers to be added

Maybe the way you’ve phrased this isn’t what you really meant but institutions (account providers) weren’t really sharing data as such when third parties were screen scraping from them (they weren’t consenting to the sharing of the data). Third parties were just taking the data (with the help of the customers who provided their credentials to the third party).

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