When you log in to Money Dashboard you will see a “Switch to Open Banking” button next to accounts which you can connect via Open Banking APIs. Simply click this button & you will be directed to your banks online portal. Simply follow the instructions and you will be able to select which accounts you want to connect.
Your account connection will be switched to Open Banking with all your historic data saved.
If you want to connect a new account, go to “Add Account” and select the Open Banking connection for your bank from the drop down list of account providers and follow the prompts.
The potential for Open Banking to help you manage your money better is huge! It puts you in control of your data and means that the experience when using apps like Money Dashboard is much smoother as it facilitates a connection between them directly, with no reliance on third parties.
We’ve got big plans to use the technology supporting open banking to introduce great new tools and features that help you revolutionise your finances.
As of March 14th we no longer support connections through ‘credential sharing’ and will only be supporting accounts on API. This is in line with the FCA rulings about account support for Open Banking.
As with any ambitious technical project of this scale some of the banks have encountered problems with their implementation of the new data feeds and not all of them have Open Banking APIs in place yet. If your bank doesn’t yet offer a robust solution we won’t be able to support it after this date. However, we’re working hard with the FCA and the banks to get them reconnected as soon as they make their APIs available.
Not all savings accounts come under PSD2 (the legislation requiring banks to make your account information more accessible to you) so you might not be able to migrate all your accounts to an Open Banking API just yet. With savings accounts a good rule of thumb as to whether your bank will provide an Open Banking API connection is if you can currently make payments directly from your savings account to another third party account.
As new providers and accounts become supported under Open Banking we’ll be adding them to the app too. For an indication of the status of each unsupported or upcoming provider, click here.