Open banking (UK)

fas

Is Wave going to use Open Banking in the UK to obtain bank transaction details instead of either the clumsy and time consuming download/upload of files, or the "integrations" which pretty much universally infringe bank's terms and conditions about revealing security information?

fas

https://www.openbanking.org.uk/
and as a concrete example: https://www.nationwide.co.uk/open-banking/getting-started-with-open-banking

AlexL

Hi @fas . Currently, we use a 3rd party data aggregator to manage our bank connections. Because directly integrating with a bank can be very complex (even with open APIs), there are many considerations here. This is one of the many reasons that we use our Banking Partner to bridge this connection with different financial institutions. Because we also understand that uploading files via a .csv can be clumsy and finnicky, we recently released our Google Sheets integrations, Wave Connect which should make this manual process a lot easier and less time-consuming.

fas

Currently, we use a 3rd party data aggregator to manage our bank connections

Yes, I understand that (and maybe they will offer this if they can get FSA approval). At present this is not safely usable as (a) providing credentials to it almost always infringes banks' terms & conditions in the UK at least, and therefore opens up vulnerability to any losses (I really think you should warn people of this! I had to work out how you were doing it and then relate that to their terms and conditions and the bank's before I was certain that what was been attempted was not safe), and (b) many banks require some kind of physical token/card reader to log in so the "automatic" connection isn't that useful.

But the point of Open Banking is surely that it makes this process much easier and therefore much easier for you to do it directly and without infringing the banks' T&Cs.