Update on Direct Import in the UK and EU

Hey everyone—but especially our customers over in Europe. I want to give you an update on UK and EU Direct Import. 

To put it as plainly as possible, the process is underway. Our initial focus is on the UK, but we are optimistic that at least a few EU countries will not be far behind. In order to turn on Direct Import in the UK with Plaid, one of our transaction aggregation partners, we are required to set up a legal entity in Europe, and that’s what we’re working on currently. There are contracts and lawyers and regulators involved, and things are moving as fast as they can when contracts and lawyers and regulators are involved. It's hard to say when the legal portion of the implementation will be completed so any date target I give you today would be a guess. However, once we’re in the clear there, we’ll make the required changes to add UK institutions to YNAB. 

I also wanted to address some of the questions about TrueLayer. For anyone not yet aware, this is the transaction aggregation partner Sync for YNAB uses to import transactions. Implementing TrueLayer would mean going through the same legal process we are currently working through with Plaid, so there’s no way for us to shortcut or expedite this. We’re also not looking to add another transaction aggregation partner to our mix at this time. 

Last year the team that works on connections, accounts, and transactions (all seven of us!) completed several large projects, alongside the usual bug fixes and smaller improvements. Since Todd’s last update on Direct Import we’ve reduced the number of transaction aggregation providers from four to two, released pending transactions, and added support for OAuth institutions. Our work on OAuth was a prerequisite for supporting Direct Import in either the UK or the EU, and we had a few other stray ducks we needed to line up before expanding into new regions. 

If there’s one thing you take away from this message it should be this: Direct Import for the UK is happening. It’s no longer a dream and it’s more than an intention. It’s in motion and we’re working on it right now. We hope that the EU will not be far behind. We are unbelievably excited to bring Direct Import to many more customers this year—we know it’s been a long wait. I’m around if you have any questions. 

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  • Any updates?

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      • Hannah M-M
      • Product Manager
      • hannahmm_ynab
      • 3 wk ago
      • Reported - view

      Cyan Panther unfortunately, nothing notable that I can update on at this time. Regardless, thanks for checking in! 

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  • For the sake of this discussion I'm a Portuguese YNAB customer and I don't use it much anymore indeed due to the sync missing in EU banking. Furthermore stock market (brokers) and Crypto would be a must for me as well. With this said I can say that Plaid works perfectly with all these. I use also an app called Toshl and I have there automatic sync with PT banks, Revolut, N26, paypal, finance, cypto.com, interactive brokers, etc.....and it is perfect, thought the tools does not arrive to what YNAB can do....:( so this for me is "hope"......

    Like 2
    • Green Unicorn nobody using ynab gets those. so i doult they would bring it. I would also rather get a reduction for not using all the features in plaid. I don't want my investments mixing up with my budgeting. they are two different things. the same reason why i don't have my mortgages into YNAB. 

      next someone will come and say filing for his taxes is a must. 

      just wait for the direct import and be happy we will finally get the full product like the US counterparts. 

      Like 2
  • Hi Hannah, do you have a timeframe yet for UK bank feeds? Ta

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  • Any update at all would be very welcome

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    • Maroon Sidewinder John Smith Thanks for checking in! We're continuing work on getting the legal and regulatory requirements in place. When more concrete timing is available, we'll shout it from the rooftops!

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  • Maroon Sidewinder John Smith Sea Green Griffin Tomato Colt 
    Thanks for checking in! As Nicole mentioned yesterday, we're still working through the legal/regulatory requirements to begin offering Direct Import in the UK (and EU). In the UK, due to the nature of the PSD2 legislation and the requirements imposed by the FCA, we have to contend with changes that will touch many aspects of the company, not just the transaction register within the YNAB app. I promise that we're working on implementing those as quickly as possible, but it's very difficult to estimate how long they will take (clearly, my initial estimates were overly optimistic), and we appreciate y'alls patience. I hope to have more concrete timelines soon.  

    Like 1
    • Hannah M-M Thank you for checking in and for the reassurances.

      It seems that you are blocking progress on EU/EEA support on getting the UK sorted. This is a defensible choice.

      It is unfortunate for all the people in any one of the other 30 countries in the EEA which are subject to PSD2, all of which fall squarely within your target addressable market.

      I wish you luck navigating the complexity and lots of success.

      Like 1
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