Using Money Dashboard
This is just to address some of the tweets we're received from one person in particular about how Money Dashboard functions and how this may work with T's and C's of your bank.
Banks quite rightly encourage their customers to be careful to prevent fraud etc.
Some banks explicitly acknowledge the benefit of aggregation services, such as ours, in their Terms and Conditions and therefore directly permit aggregation.
All that you are sharing with Money Dashboard is data; data which belongs to you. You are the customer, you should be telling the bank what to do, not the other way around!
If your Bank T's and C's don't allow aggregation then this is worth noting:
Money Dashboard is actively engaged with regulators and the banking industry to deliver change; but you have to have something in the market challenging the status quo to drive any response. That challenge is one we are taking on, along with some other UK and other European companies that also use multi account aggregation. Recognising the importance of being able to see all accounts in a consolidated position, the draft European legislation in the Payment Services Directive Version 2 (PSD2) was re-written to specifically force all banks - Europe wide - to permit aggregation.
We have recently joined the Financial Data and Technology Association – an industry trade body that is organising agreed standards of security and privacy, and will work with the banks and credit companies to deliver this framework.
We eagerly await the Government's actions in relation to their pledge earlier this year in which the Chancellor said that the Government would be supporting the growth and development of firms in Fintech like Money Dashboard. Specifically, ensuring that banks work with firms to promote innovation. This is as a direct result of work done by lobby group fdata.org.uk of which Money Dashboard is proudly a member.
With 100,000 users (and counting) all safely and securely using Money Dashboard to see all their accounts in one place, we are just one of many PFM tools in the UK helping users get access to their data.
If you would like any further details please feel free to email email@example.com