Is your connected bank account not refreshing? This article provides information for refreshing connected accounts (that don't have their own provider specific articles) and how to update your credentials on the web application (Desktop) and mobile application (IOS/Android).
1. Why isn’t my account refreshing automatically?
Accounts that are linked to Money Dashboard are automatically refreshed every 24 hours. However, in some cases and depending on your account connection type you may need to manually refresh your account manually and re-enter your login credentials before new transactions and balance information is available to you.
Why does this happen?
This is a legal change that requires accounts in the European Economic Area to follow new guidance to make accounts safer and more secure. These changes are outlined in the Payment Services Directive (PSD 2 - https://ec.europa.eu/info/law/payment-services-psd-2-directive-eu-2015-2366_en). Part of this requirement is the move to Strong Customer Authentication (SCA), which you can find outlined under https://www.fca.org.uk/firms/strong-customer-authentication.
After SCA is enabled for your bank, the account security changes on every login (normal from a 1-time code or security check). This means that if we were to try refreshing the account with the existing login data the log in would fail as it is no longer valid.
For these reasons, non-Open Banking accounts need their login details re-authenticated in order to refresh.
Which accounts are impacted?
Almost all accounts will be impacted by this, but with two major differences for Money Dashboard users.
- Accounts connected via Open Banking connections will only need to re-authenticate and add the SCA details every 90-days. We would highly recommend for you to switch to an Open Banking API connection if it is available.
- Accounts connected via non-Open Banking connection will need to re-authenticate and add SCA details every time they refresh.
2. Refreshing your account (Desktop)
3. Refreshing your account (iOS)
4. Refreshing your account (Android)
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