Open Banking sets standards for banking APIs. But the legislation only covers banks, and specifically only current accounts. It doesn’t cover providers like mortgage providers or even other account types at the same bank. Also, not every bank has their API ready. We know that Lumio is most useful when you can connect every account you want to see – that’s why we use another method to allow you to add your accounts that aren’t ready for APIs.

This method is called ‘screen-scraping’. A programme logs into your account on your behalf, captures the data from the screen and translates it into data we can add to your Lumio dashboard. The company we work with to do this is called Yodlee. Yodlee’s technology is trusted by many of the biggest financial institutions in the world, including Bank of America and Amex.

All your data is encrypted, so no one could see it even if they wanted to. And most importantly, no matter what, your bank is still responsible for your money and accounts in the highly unlikely event that things go wrong with Lumio, as the FCA has given us AISP permissions. No matter what method is used to bring together your financial data.

Every day, more banks and financial providers are getting their APIs ready. Soon, screen-scraping will fade away. If you’d like to know what your bank is doing to get ready for Open Banking, just call them directly.

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