Open Banking and account aggregation?

Pmason

Can anyone recommend YOLT as a safe and effective program to track spending?

DCFC79

Pmason wrote: »

Can anyone recommend YOLT as a safe and effective program to track spending?

You posted the same question twice, why not wait for a reply ?

Have you read some of the reviews online ?

colsten

Pmason wrote: »

Has anyone got experience of using the YOLT app?

Search the forum, it's been discussed before, including in this very thread

Perhaps

Has anyone tried MoneyHub?

It's unclear if they have a website interface, although they have a 'sign up' on the website as well as an interface 'for advisers' where the adviser can see their clients' holdings, and I assume the latter isn't a mobile app.

They use bank APIs to connect - and their own API is published. The current list of APIs they can use is Bank of Scotland, Barclays, Halifax, HSBC, Lloyds, Monzo, Nationwide, Natwest, RBS, Santander, Starling, Ulster. There's 168 more available via screenscraping (forum won't let me add a link but the API docs are on MoneyHub GitHub, and clicking through finds a data file with a list of providers). They include lots of credit cards, share dealing and similar services, so it isn't just current accounts.

It costs 99p/month or £10 a year and they claim not to sell the data to third parties, which is a plus although I haven't looked at the privacy policy to spot any devils in detail.

colsten

Yes, search the forum.

18cc

FD (as you said) stores your other bank's logon details in a digital safe on your PC and thus is not using the Open Banking APIs.

You didn't say what other banks you need access to but you could use one of your other banks as the hub. eg I have Barclays, and they provide a means of looking at your other bank accounts on the app and desktop using open banking APIs.

You logon to your Barclays current account, add the other banks (sign in once) and then these accounts are shown on your Barclays screen I(similar to FD). Nothing is stored on your PC

Other banks (eg Nationwide) work the same way.

So what I am saying is choose one of your other accounts as the 'hub' and avoid the FD approach - it is not open banking just a FD way of doing things.

Perhaps

colsten wrote: »

Yes, search the forum.

Thanks - for some reason it showed zero hits when I searched last night. I now find threads, which sound good - I think I'll give it a try.

gabanker

I don't agree with open banking I know that it is supposed to help you, but I find being old fashioned works better with me I dont agree that your financial institutions should know everything about each other

toib

I use Yolt & Emma. Unfortunately many of the banks have been very slow on the uptake of Open Banking. I currently contract for a fintech startup who are looking to leverage OB for their product. There's a deadline coming later this year where the banks will have to provide this functionality or be fined heavily by the CMA so we should see more products that use OB coming out over the next few months.

I would like to develop my own app using OB but you have to be FCA regulated which is a bit of a pain for a side project.

xlnc99

i made a post about open banking earlier. Isnt this risky? Do you really want all your banks to have access to all your accounts? In a nutshell, i presume this is true from what i have read about open banking