(i.e. Money Dashboard can no longer support current non-Open banking methods of acquiring transactions?)
Yes. The move to Open Banking connections is mandated by the FCA and CMA.
From March 14th connections will only be possible in Money Dashboard via Open Banking.
Accounts that you have connected previously via credential sharing will still be visible in-app. You will still see your historic transactional information. However, no new data will load until your bank makes an Open Banking connection available.
For accounts which aren’t supported, we recommend that you leave them linked to Money Dashboard to retain your historic spend data and we’ll let you know via email when new account connections are made available by your bank. You will then be able to add them as new, or connect up the records with your old account. Open Banking connections can offer up to 3 years worth of history so we will be able to backfill your transactions when your bank makes them available.
In the meantime you can also keep track of other accounts which are currently unsupported using our “offline account” feature.
Open Banking offers more accurate data, more frequent updates, better collaboration between regulated apps and banks (no more confusing Ts and Cs from banks!), and ultimately more control over your data.
Payment Services Directive 2, (PSD2) is a piece of legislation that aims to open up the financial industry by requiring banks to make their APIs available to other financial institutions and Third Party Providers, like Money Dashboard. It was created to ensure a standard and secure way for financial institutions and services to connect to one another, to share data, and initiate and receive payments.
Open Banking is the phased implementation of this law. Under Open Banking, sharing your transaction information with third party companies will be made possible through APIs
Short for application programming interface, APIs make it possible for the software at one company to access information from the software at another company.
As with any ambitious technical project of this scale some of the banks have encountered problems with their implementation of the new data feeds and not all of them have Open Banking APIs in place yet.
Banks were supposed to be ready for Open Banking in September 2019 however the FCA granted an extension until March 2020 as many were not ready for this change. As such services that connect via Open Banking are still experiencing problems, as a personal financial management service we are as frustrated as you are because our sole existence is to provide the best financial information for our users.
If your bank doesn’t yet offer a robust solution yet we won’t be able to support it after this date. However, we’re working hard with the FCA and the banks to get them reconnected as soon as they make their APIs available.
Other useful articles:
What will happen after 14th March to accounts that are not yet supported on Open Banking?
What Open Banking connections are available & what you need to do