Originally posted by Fred Bloggs
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Previously on "Free FreeAgent subscriptions to RBS customers?"
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Originally posted by Maslins View PostI know many people were concerned by this, with good reason. However from what I gather most of the big banks actually buy data from Yodlee (even their own data) as Yodlee have done a better job of getting it into a suitable format than the banks could do themselves. Also at least last time I heard there had never been a breach of data from Yodlee...but yeah, this won't provide comfort to some (zero sarcasm in my tone there!).
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Yup, Barclays was different, as it was a deal specifically sorted with the bank. I think HSBC had a similar thing with Xero.
The others all rely on Yodlee "screen scraping". Ie a computer actually logs into your online banking, "reads" what's on the screen, and converts it into a format which can then be pushed into software like FreeAgent.
I know many people were concerned by this, with good reason. However from what I gather most of the big banks actually buy data from Yodlee (even their own data) as Yodlee have done a better job of getting it into a suitable format than the banks could do themselves. Also at least last time I heard there had never been a breach of data from Yodlee...but yeah, this won't provide comfort to some (zero sarcasm in my tone there!).
I think the hope is that banks which don't enable the direct feeds will find enough customers departing for those who do, that all banks will end up complying. I gather independently of this there's also an attempt to legislate to enforce it.
Probably the topic of this post will shortly lead to RBS/Natwest having a direct feed with FreeAgent, and over the coming years I'm sure it'll become the norm.
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When I linked FA temporarily to my Santander account in the 28 day trial to see how it worked, you had to give the full bifta. Not a good idea IMO.
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Originally posted by Maslins View PostDrifting a bit further off topic, but HSBC at least used to have an option like that. You could create additional "users", potentially just with read only access. We trialled it with a handful of willing clients, where they'd give us access. It was a faff to set up, but once done seemed to work well. Problem was as it was only a handful of clients (and only for HSBC) it was more trouble than it was worth IMHO.
Possibly you can do the same thing creating a read only account specifically to use with FreeAgent? HSBC still needs the 2 factor auth which makes it a pain. Hopefully within a few years this will all become irrelevant anyway as banks are increasingly encouraged to make the data more readily available.
So I know that it's only the transactions that is sent, via a secured data feed, and there's not risk of my login details being compromised. I don't imagine this is particularly difficult or costly to set up from a technical point of view.
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Originally posted by pr1 View PostThis is the reason I don't enable freeagent bank feed as well - what I think would be useful is a separate log in/password combo (on request) for your bank account for read only access which software like this could use for access
Possibly you can do the same thing creating a read only account specifically to use with FreeAgent? HSBC still needs the 2 factor auth which makes it a pain. Hopefully within a few years this will all become irrelevant anyway as banks are increasingly encouraged to make the data more readily available.
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Originally posted by Fred Bloggs View PostTill then, I remain very wary of little known about 3rd parties. What would happen when you made a claim that your account had been emptied of cash? The bank would say - "But you gave your log in details to someone". You'd have a hard time disputing that.
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Originally posted by Alan @ BroomeAffinity View PostI believe this is one of things which will change. There'll be a robust direct link apparently.
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Originally posted by Fred Bloggs View PostIMHO - Best not to anyway, since it involves giving your bank log in details to a third party about which you know little and who you have no control over whatsoever.
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Originally posted by chopper View PostHmmn, I can't even get the Freeagent Bank Feed working with my NatWest account.
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Originally posted by radish2008 View PostWhat would happen if HMRC demanded that FreeAgent frees up all of it's data ?
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Originally posted by radish2008 View PostWhat would happen if HMRC demanded that FreeAgent frees up all of it's data ?
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What would happen if HMRC demanded that FreeAgent frees up all of it's data ?
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