Types of First Direct accounts supported on Money Dashboard
Accounts that do not have an Open Bank API connection with First Direct will no longer be supported for new account connections. Only your First Direct personal/business Current accounts will be available for adding. If you have previously connected your credit card and savings accounts through credential sharing from our service provider, Yodlee, you will still be able to refresh these accounts.
Why is Money Dashboard discontinuing credential sharing?
Money Dashboard has always been at the forefront of the industry to push for the Open Banking initiative - working closely together with other industry players and the government to ensure that at the end of the day, our users gain ownership and control of their account information from the banks.
As we continue to work closely with industry leaders and the government to push for better quality and stable Open Bank API, a crucial step is to add pressure on banks to provide the Open Bank API across all types of accounts. For this reason, we have decided to discontinue support for new account add that is not supported by the Open Bank API.
We understand that this affects our users who have previously not connected their savings accounts and our doing our best to push for Open Bank API connections across all account types with bank providers. During this transitional period, we seek your patience and understanding.
The previously set deadline of 14th September 2019 is clearly behind and the Financial Conduct Authority (FCA) has introduced a six-month adjustment period until 14th March for banks to meet the requirements of improving API availability and stability.
If you would like to understand the Open Banking initiative further, the following article goes into more details:
11th November 2019 - Re-authentication when switching to Open Banking
When prompted by First Direct to input your security code generated by either your Physical Secure Key Device or Digital Security Key App, if you are using the Digital Security Key App, select 'Re-authenticate' instead of 'Log on', followed by 'Generate Code'
11th November 2019 - Connecting joint accounts
We are aware there is an issue when trying to connect your First Direct joint account on Money Dashboard and apologise for the inconvenience caused. We are currently investigating and working on fixing the issue as soon as possible.
Update of login process to Secure Key
First Direct have moved all of their users over to a Secure Key only login (Strong Customer Authentication - SCA).
For now we're afraid you will only be able to connect your First Direct accounts to Money Dashboard on the non-Open Banking login flow using the Secure Key login.
Unfortunately this also means that it will no longer be possible for existing accounts to automatically refresh, and you will need to generate a new Secure Key code every time you need to refresh the accounts.
We appreciate that this change will become time-consuming and inconvenient. To mitigate this we will shortly be integrating connections to First Direct using the new Open Banking APIs once First Direct brings out their full APIs for Open Banking.