Moneyhub Open Banking Connections
Everything you need to know as we passed an important deadline on the 14th March 2020, in regards to Open Banking.
If you only have 30 seconds, read this:
On the 14th March 2020, new legislation came in to force to ensure that banks transition to improved account connections via Open Banking. Whilst many banks were ready - meaning there should be no issues - some banks are still working on this, or have experienced last-minute problems. In these instances, you may experience some temporary disruption in terms of how their data is displaying within your Moneyhub account.
We champion our customers having reliable, secure access to your data, and will continue to work tirelessly to ensure we are able to offer the best coverage possible. We will be working around the clock to make sure access to your data stays right where it belongs – in your hands.
If you have a little longer, read this:
What exactly is happening?
Open Banking is a phased implementation of the PSD2 legislation, where financial institutions are required to share financial information with registered third party providers such as Moneyhub, through the use of direct Open Banking connections. As champions of Open Finance - where you, the consumer, own and control your own data at all times – we see these types of connections as the future of banking.
The initial deadline was 14th September 2019. Many banks and credit card providers have rolled out the Open Banking approach to account connection, along with the introduction of Strong Customer Authentication. However, some banks and credit card providers were unable to get their connections ready in time for this first deadline, so they were granted an extension until 14th March 2020.
How will this new deadline impact me?
As we arrived at this extension deadline of 14th March 2020, some banks and credit card providers were still defining their approach to granting third party providers like Moneyhub access to certain data, whilst others have had last minute problems with their platforms.
Due to the fact that not all financial institutions had their Open Banking connections ready in time for the 14th March, we therefore expect some disruption for our customers over the next few days and weeks.
We’re working hard to ensure this disruption is minimal for our customers, and are working with any banks and financial institutions impacted to support them with whatever they need during this transition period.
Three key need-to-knows:
Credit Card and Current Accounts:
We have been moving these providers over to Open Banking for the last couple of years, but some banks have left it very late to determine a plan. The Financial Conduct Authority (FCA) have been made aware, but it does mean we may lose connection with these banks and credit card providers unexpectedly - albeit temporarily.
Savings Accounts:
As PSD2 currently only applies to banks and covers payment accounts, this has led to three categories:
Savings accounts that are payments accounts - these will be supported via API connections (e.g. a Nationwide instant access account)
Savings accounts that are not payment accounts and are not provided by firms that fall under PSD2 - these will be supported via screen scraping (e.g. Marcus)
Savings accounts that are not payment accounts, but are provided by a firm who falls under PSD2 - these will not currently be supported (e.g. Nationwide fixed term account)
Re-authentication of accounts:
With Open Banking, any bank accounts that are linked to Moneyhub will need to be re-authenticated every 90 days in line with PSD2, which improves protection for consumers. This includes challenger bank accounts like Monzo, who turned on authentication in time for the deadline.