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Works fine in the UK, where all banks have to support open standards and you can use a third party app too analyse your transactions. https://www.moneydashboar

Works fine in the UK, where all banks have to support open standards and you can use a third party app too analyse your transactions. https://www.moneydashboard.com/ https://www.moneydashboard.com/ is the one I use, but there are others.

arlcode 5y ago
Taking off in Germany as well. Slowly because the law does mandate an API but doesn't specify any technical details Also because of a complicated authentication and registration system (with the regulator) But the banks finally did something after they were ordered to do so. They were quite hesitant before because it weakens their control over the customers finances.
bennyp101 5y ago
I've noticed that a lot of the actual Bank apps now let you connect to other banks - so you can see everything in one app (I guess to try and make you stay in HSBC app for instance, rather than going and opening Halifax and Monzo - although if they all offer it I don't see the need...)
Nextgrid 5y ago
The data quality you get is absolutely terrible. For accounting/budgeting solutions where you have to map a single entity on your side with the transaction on the bank's side there's a ton of work that needs to be done in the background to fuzzy-match bank TXs (which can change retroactively, invalidating any unique match per descriptor or ID) to your own entity. I guess I should be grateful that I got a year's worth of consulting $$$ thanks to the banks' incompetence but this should really be a solved problem especially in 2021. The regulator should mandate a spec and do frequent audits for compliance with said spec, and IDs (or other data) changing retroactively should be an immediate fail. The other problem is that there is no way that I know of to get test accounts, you have to use real accounts (with each bank) if you want to make sure.
pjc50 5y ago
This article is about the UK. It seems to be .. not as good as it could be.
tikkabhuna 5y ago
My experience has greatly improved over the past few years. I use Monzo. I used to use Yolt to aggregate a couple of bank accounts and credit cards but Monzo offers that as part of their Monzo Plus accounts. It gives me a consolidated view of my spending. I'm not really sure what else I'd want from Open Banking.
- AndrewDucker 5y ago
  Money Dashboard (and Yolt) allow you to categorise your spending. My own bank's app doesn't do that. So until it does...

arlcode 5y ago

Taking off in Germany as well. Slowly because the law does mandate an API but doesn't specify any technical details Also because of a complicated authentication and registration system (with the regulator) But the banks finally did something after they were ordered to do so. They were quite hesitant before because it weakens their control over the customers finances.

bennyp101 5y ago

I've noticed that a lot of the actual Bank apps now let you connect to other banks - so you can see everything in one app (I guess to try and make you stay in HSBC app for instance, rather than going and opening Halifax and Monzo - although if they all offer it I don't see the need...)

Nextgrid 5y ago

The data quality you get is absolutely terrible. For accounting/budgeting solutions where you have to map a single entity on your side with the transaction on the bank's side there's a ton of work that needs to be done in the background to fuzzy-match bank TXs (which can change retroactively, invalidating any unique match per descriptor or ID) to your own entity. I guess I should be grateful that I got a year's worth of consulting $$$ thanks to the banks' incompetence but this should really be a solved problem especially in 2021. The regulator should mandate a spec and do frequent audits for compliance with said spec, and IDs (or other data) changing retroactively should be an immediate fail. The other problem is that there is no way that I know of to get test accounts, you have to use real accounts (with each bank) if you want to make sure.

pjc50 5y ago

This article is about the UK. It seems to be .. not as good as it could be.

tikkabhuna 5y ago

My experience has greatly improved over the past few years. I use Monzo. I used to use Yolt to aggregate a couple of bank accounts and credit cards but Monzo offers that as part of their Monzo Plus accounts. It gives me a consolidated view of my spending. I'm not really sure what else I'd want from Open Banking.

AndrewDucker 5y ago
Money Dashboard (and Yolt) allow you to categorise your spending. My own bank's app doesn't do that. So until it does...