Open Banking and PSD2

Open Banking and PSD2

The new era is here :smiley:

I’d love to learn about what solutions have become available in your country.

Which apps/tools have you tried out? Do you have a favourite?

Have you been able to connect accounts from multiple countries?

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I’ve use ‘Outbank for android’ for all my bank accounts + credit cards for years and I love it. Even before PSD2 they used screen scraping to fetch the data from providers that didnt support HCBI, such as credit cards.

Denizen (another fintech that was running on Wirecard but closed a while ago) used a company called ‘salt’ for multibanking access, much easier than coding everything from scratch but there were many bugs back in the day (that was 2 years ago)

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:nerd_face: :thinking: Well let me see cake.app is nice and sync money too. , bring them all together just one app and you see all in one place.

Under this Directive, European consumers can require their bank to share their data with other companies such as Cake. Your bank cannot refuse to do so. It is your data after all, so you get to decide how to manage it. PSD2 is, therefore, a benefit to you.

Simple.

The only open banking app that’s generally available in Spain is Fintonic, which sucks quite a lot (slow, and they make their money by trying to sell you products you probably don’t need). Most other, nicer apps don’t support our banks in most ways. It’s quite annoying :frowning:

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Used Bankin and Linxo (both french), I’m a premium subscriber for years with Linxo.

I’ve tried a bunch of open banking apps (Yolt, Emma, Money Dashboard etc), but am yet to find one that actually supports all my accounts (Creation credit card in particular seems to be supported nowhere), and the syncing has been unreliable for many accounts. In many cases, this is the bank’s fault rather than the aggregation app (eg. HSBC provides proper APIs for current accounts, but not credit cards), but it still leads to a bad experience, so I’ve never stuck with it.

I currently just use Wallet by BudgetBakers, and manually enter my transactions. It’s a bit of a pain, but it’s reliable, always up to date, and includes all my accounts.

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Recash

Unfortunately I cannot connect it to Curve. They said that Curve still hasn’t provided the required API.

How so they work? Looks like they ‘anonymiusly’ sell the users data for a bit of Cashback?

I am using MoneyMoney for macOS.

I’m using MoneyPro on iOS. It’s based on Saltedge and works on most Italian Banks

Yes, they’re monetizing your anonymized transaction data.

I’m a Fintonic user in Spain for many years.
In my opinion it’s useful but it should to be improved.

Also some banks allow sync other bank accounts and financial services as Openbank, Bankinter, for example.

Me too, but I have a lot of accounts!

I have also tried Tink, Bud, Fentury and Snoop in addition to the ones you’ve mentioned.

I use my bank’s app, they added this possibility.

Only italian bank at this moment

Thank you everyone :star2: This is super interesting, will check them out :smiley:

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I had a look at MoneyPro, the Slatedge engine supports much less credit cards then Outbank.

So I’d say Outbank is the best so far with proper support and most access to different banks and credit companies, even support banks without HCBI / FinTS such as fidor.de, who only have their own API.

I use Monzo which is linked to all but two of my other accounts (Santander just seem incapable of making Open Banking work, and Creation are frankly just slow at everything- they don’t even have Apple Pay yet)

So far it’s been bulletproof reliable, I can move money from other accounts into Monzo without fuss, always shows the appropriate balance and keeps transactions as up to date as possible with the current silly limitations in the API of 4 requests per day.

In Germany, I use MoneyMoney on my Mac, which is excellent, and the developer provides great support. But he says he won’t support any banks in UK, which is a shame as I have accounts in both countries:

As soon as the United Kingdom has left the European Union without
further agreement, there will be no PSD2 anymore. PSD2 is a European
regulation.

Adding support for British banks would be a wasted effort, as on 31st
December 2020 I will in all likelihood lose my access to the British
market.

Germany has an older system called FinTS (Financial Transaction Services) (formerly HBCI, or Homebanking Computer Interface), but only the main banks use it. I guess it’ll eventually be deprecated in favour of the EU wide PSD2.

Santander’s Openbank PSD2 interface in Spain is broken, and despite complaints they’re in no hurry to fix it. Sure, EU law says they have to provide it, but how is that enforced?

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I use MoneyWiz and Spiir.

If you’re thinking about aggregating transactions to Curve app, I would highly recommend partnering with more than one PSD2 aggregator to get better coverage. It seems there’s so many banks to connect to that at least for a while nobody will cover them all. Also some aggregators apparently focus on only a subset of the Eurozone. Candidates could be companies like Saltedge, Tinq and Nordic API Gateway.

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