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.
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"......
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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.