Open Banking Access

An automated way to access your recent bank transactions, via the Open Banking APIs, without registering with the FCA.

How it works

After creating an account, and linking it to your bank account(s).

You'll be given an API that returns your account balance and recent transactions.

The first week is free; then it's £36 per account, per year (£3 per month).

Open Banking Access is using Token.io, who are registered with the FCA (795904).

When setting up your bank account, Token.io will provide a "token" that's used to access your bank account.

This "token" is encrypted and stored by Open Banking Access.

You are given a URL to get your recent bank transactions, along with the decryption key - only you store the decryption key.

Any time you use this URL, Open Banking Access will decrypt the "token", and use the Token.io software/service to return your recent transactions.

Only the summary of the request is logged by Open Banking Access (for abuse monitoring purposes), the content is not logged.

There are similar services, but they focus on accessing many accounts:

Yodlee - £250 per month for the first 1,000 users.
TrueLayer - Starts at £250 per month.
OpenWrks - £1.50 per month, with a minimum of £200 per month.
Teller - £49 per month, to access a business account.
Tink - €0.5 per basic user per month; or €75K / year to access a business account.
Token.io - No publicly available pricing.

If you want to do everything yourself, you will need to:

Be a company that is registered with Companies House.
Register with Open Banking, as a Provider; where they will confirm your identity.
Register with the FCA, as an RAISP (Registered Account Information Service Provider). This costs £1,500, and takes about 3 months; where you will need to explain how you are providing a service to others, your business plan, risks, etc.
Work with the OAuth 2.0 and the Open Banking APIs.
Complete FCA monthly regulatory returns via the Gabriel System.
Complete FCA yearly renewals, which costs £515 (AG02).