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.
At the moment, only the nine largest banks (listed above) are required to implement the Open Banking API and they are phasing the roll out of connected accounts. This means you might still need to use a credential sharing connection (the way you currently connect your accounts in Money Dashboard). We will continue to provide connections to as many accounts as possible, opening up new Open Banking API connections as soon as they are available.
When you select to connect your account your bank will show you which accounts you can connect via API.
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.
We’ll be continuing to provide connections to the 70+ institutions we support via our third party provider, Yodlee. As new providers and accounts become supported under Open Banking we’ll be transitioning those over too.