Automatic Bank Feeds

[OMGVape]

what are people’s thoughts on automatic bank feeds?

My accounts software is offering this via a third party company but it means giving my bank account number and password.

 

[johndon68]

A lot of the bank feeds work this way. Giving out those details will, most likely, put you in breach of your bank's terms and conditions but, as I said, this is how most of the feeds work. If money ever went missing from your account and the bank knew you'd given the details out, they may blame you...

John

 

[DavidWH]

Some accounts, may let you set up a new user, who can view transactions, but if they were to make a payment, would require a 'master' account holder to release the funds. I think HSBC had this facility, but never used it.

 

[OMGVape]

Some accounts, may let you set up a new user, who can view transactions, but if they were to make a payment, would require a 'master' account holder to release the funds. I think HSBC had this facility, but never used it.

I'm with Lloyds, I'll look in to that, thanks.

 

[MyAccountantOnline]

what are people’s thoughts on automatic bank feeds?

My accounts software is offering this via a third party company but it means giving my bank account number and password.

The system I use Accounts Portal offer it but I've decided against using it, solely on the grounds that it means giving someone else my company bank log in details.

I don't mind spending an extra few minutes logging into my bank account, downloading the transactions and uploading them into the system as it really does take no more than 2 or 3 minutes.

 

[TheCyclingProgrammer]

Most of these services use a company called Yodlee who are pretty much the only major player in this space. I use the FreeAgent bank feed reluctantly, as mentioned above it does put you in breach of your T&Cs although I'm satisfied with their security (especially as it has two-factor auth).

Hopefully over the coming year or two web scraping APIs like Yodlee will disappear as banks continue to roll out open banking services and APIs for online accounting packages and similar to use. I know FreeAgent is in the process of rolling out more open banking feeds (including Starling integration which is due soon).