If you’ve clicked through to learn more, thank you for your interest. Here, you’ll find a bit more detail about:
- What Open Banking is.
- How it will affect UK/EU bank feeds.
- What you can do in the meantime while bank feeds are interrupted.
- What we’d love for you to know.
What is Open Banking?
Open Banking is a new way for consumers to access their financial services which is regulated by the Financial Conduct Authority (FCA) in the UK and its equivalents in the EU. You can learn more about it here.
From September 14, companies that want to offer bank feeds in the UK and Europe need to be registered with the FCA.
PocketSmith is a big supporter of Open Banking. As a New Zealand company however, we do not presently have a path to FCA registration, which is only available to companies incorporated in England/Wales, Scotland and Northern Ireland.
We’re hopeful this will change in the near future, and will be doing everything we can to achieve this outcome — but in the interim, it’s best we prepare for the September 14 deadline.
How will Open Banking affect UK/EU bank feeds?
There will be an interruption to UK/EU bank feed services from September 13, 2019. This is because new Open Banking requirements that come into effect will stop these feeds from importing transactions.
We’re very disappointed to have to share this news with you, as we’ve explored every option available to keep your feeds going. We’ll keep working on this as the landscape continues to change while regulations come into effect — but for now, UK and EU feeds will be affected.
What should we do in the meantime?
You can keep your accounts up-to-date by importing your bank transactions.
We understand that importing transactions will take a couple more minutes than bank feeds. To that end, our team has dedicated time to making uploads quicker, more fun and motivating.
We’re proud to say that PocketSmith already has one of the best import features of any money management tool available, and that while the majority of our customers use bank feeds to connect to over 14,000 banks worldwide, many still use our importers for banks and data sources we don’t have feeds for yet.
What we want you to know
We’ve taken a bit of a hit — alongside a slew of other companies in our position from countries like NZ, Australia and the US — but we do believe that this is a bump in the road to a better financial environment for us all. Needless to say, the irony of ‘Open’ Banking hasn’t been lost on us.
While bank feeds comprise just one of many of PocketSmith’s features, we appreciate that its interruption is an annoyance.
We’re more committed than ever to being a part of your financial journey and are keen to hear about what we can do to keep you as a customer. Our efforts to restore the feeds are ongoing, and we’re dedicated to making the most of these circumstances to improve the experience for you.
We’re tremendously excited about this, and look forward to showing you more of what we’re doing in the coming days and weeks. Tell us your thoughts if you like — we read and reply to all correspondence, so please drop us a line!
In the lead-up to the deadline, we have compiled a list of frequently asked questions and are preparing guides about how to transition to importing your bank files into PocketSmith. We’re very much on this journey with our friends from the UK and EU, so trust that we’re engaged as Open Banking comes into effect.
We’re ever grateful for your support and custom, and will be in touch soon.
Until our next update,