Support for Yodlee Account Aggregation


#1

Hi,

I also use Tandem and they say their aggregator, Yodlee, doesn’t support Starling at this time. I think it would be particularly strong for challengers, such as Starling, to be leading the curve in these areas of tech.

Thanks

Chris


#2

Would also love to see this added


#3

Hi there,

I’ve looked into this and hope my explanation here makes sense…

I’ve found out that this aggregator uses a technique called “Screen Scraping” - a method which means you have to share your account details and passwords so that the service can log in as you and scrape the data from your account.

It’s actually against the rules of most banks, as it’s a potential danger to your privacy, and it will be forbidden once Open Banking regulation comes into play this year. Open Banking regulation requires uses a secure "OAuth"flow instead.

Therefore, until this services changes to support an OAuth flow we won’t be able to share Starling data with them.

Thanks!


#4

Cris, I’ve checked and looks like Tandem is new card app like Monzo, Revolut, correct? If you’re only interested in accounts aggregation I would suggest you check Yolt (I work for Yolt). We have Starling API integration so your Starling credentials are stays only with you.


#5

Thanks both for your responses. It came out in a conversation with them and they make some interesting claims about other start ups. I’ve not added any accounts with anyone with them but had hoped that open banking would have changed how they do things rather than screen scrape


#6

I am very worried about companies using this technique. Is it an absolute that they can only harvest information (private) with approval? This is where I see a big question mark hanging over ethical/non-ethical practice. I have to watch as two children expose themselves and their locations, activities as if the Internet is just a bundle of cotton wool to all-and-sundry. While in reality the Internet is a nest of vipers, Ddos ,hackers, Phishers, Fraudsters and those with ‘0’ ethics, whose mens rea is obvoius.


#7

I’m enjoying having linked Starling to Yolt, but have been reluctant to link my other accounts due to relying on screen scraping. Any idea of the timetable for enabling using open banking APIs to get data from other banks?


#8

I can not talk about timetables. For these updates better to connect with our support. But it is in the nearest future.


#9

It all amounts to the timescale of Open Bankings rollout. Yes the system went live officially on 13th January with a requirement for banks to have systems in place however 10(I think) major banks have been given an extra 6 weeks and at least one has said it will miss the deadline.

Even if the deadlines are met this is only to allow testing of the system with select user accounts to then enable a phased approach rollout. A very similar rollout method to the electronic cheque clearing system last year. More rollout info is on the Open Banking website https://www.openbanking.org.uk/about-us/news/open-banking-begins-managed-roll/ this open banking is how the UK is managing he EU PSD2 directive.

If we take the cheque clearing rollout example, that started last summer and still not much has actually noticeably changed for the vast majority of users (not many banks are allowing cheque submission by app for example) so I would have thought (my opinion) we won’t see much obvious change until at least the summer now. That’s from the banks side.

From the fin tech app side (Yolt etc) until Open Banking has been widely adopted and rolled out to most users they won’t want to rollout Open Banking connections. Yolt have started it with Starling and it is posssible (again my opinion) that they are treating Starling, a small group of users, as a test bed for how they can integrate with the other banks when Open Banking fully takes hold for the vast majority of account holders. Only once the accounts are enabled by banks (my opinion summer at earliest) will the app developers then start to look to migrate users to open banking from screen scraping connections. They will probably phase this in as well, they won’t risk swapping all users and banks at once and overwhelming their new systems and code.

Long story short, in my opinion 2019 will be the year of open Banking, not 2018, as the phased rollouts will take that long to work through.