Open Banking and the Status of Bank Feeds
Here's a list of all the banks and their statuses:
|WHAT SHOULD I DO?
What is PSD2?
The second Payment Services Directive is an update to the PSD1 which was introduced in 2007 by the European Banking Authority. PSD2 aims at Strong Customer Authentication (SCA) for payments and requires banks to share customer data only through PSD2 compliant third-party service providers.
When did this come into effect?
The new changes came into effect on 14 September 2019. However, the UK's Financial Conduct Authority has provided a 6-month extension (14 March 2020) for Third Party Providers (TPPs) and 18 months for banks and payment gateways to implement Strong Customer Authentication (SCA).
The national regulators in different countries in the EU have been providing extensions to payment gateways for implementing SCA. Depending on the country, the SCA implementation will take place in a phased manner.
What is Open Banking and how does it affect my bank feeds?
Open banking is a part of PSD2 that aims at making bank feeds available to customers only through authorized third parties in a secure manner. This might affect some of the feeds that are fetched by Yodlee from banks in the UK and EU regions.
If your bank feed fetched by Yodlee stops working, you will be notified in the banking overview page. In such cases, we recommend you to import bank statements manually. Based on your bank, we will provide an option to switch to another service provider by 31 October 2019.