Update on Direct Import in the UK and EU

The epic tale outlined below is old news. For the most up to date info on Direct Import in the UK and EU, check out our new thread

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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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  • Guys, I know it's a little late, but why not SaltEdge 
    (https://www.saltedge.com/products/spectre/countries)? I'm not affiliated in any way, but just look at the huge amount of supported banks and countries, specially if you are addressing EU. Could you please, at least, give us a reason why you decided for TrueLayer instead?

    I already raised this provider, along with at least one other App using it successfully and didn't get any response so far. Maybe there's a technical/financial reason behind, but to go for Plaid/TrueLayer with, I don't know, maybe 10% of the bank support the SaltEdge offers is just insane for me.

    Like 2
      • Halmadavid
      • halmadavid
      • 1 mth ago
      • 1
      • Reported - view

      Harry Knoener I would also appreciate if SaltEdge would be implemented. It is one of the (if not the only) so far which supports Hungarian banks.

      I'm using YNAB almost for 7 years now, but if there is no news about Hungarian bank support soon then most likely I won't renew my sub in February.

      Like 1
    • Halmadavid I would be happy with a simple answer to my question: "why YNAB didn't use SaltEdge"?

      Like
      • Hannah M-M
      • Product Manager
      • hannahmm_ynab
      • 1 mth ago
      • 1
      • Reported - view

      Harry Knoener there's a lot of factors we have to consider when choosing DI partners. SaltEdge certainly has advantages but for regulatory reasons it would have taken us much, much longer for us to get to an initial launch if we had gone with them first. 

      Like 1
    • Hannah M-M Thanks for your reply. That's already better than anything I've got out of YNAB since the first time I asked this question, more than 1 year ago.

      Like
  • Doesn't seem like there will be anything for Belgium soon, even though all banks have an API to allow others to integrate (by law)

    Neither plaid nor truelayer support any :(

    Like 1
  • Will totally be a tester when you work on the EU market (France specifically)!

    Like 1
  • yeah. i think i will not be extenting YNAB unless i get the integration by the time extension comes up. I have no idea why TrueLayer was chosen. from the 5 banks I use, only one, the least used (N26) is supported. 

    Like others i feel a bit cheated as I pay quite a lot of money and receive only 1/2 of the product, with no discount, only a recommendation to use another service for more than half the money already paid. I am patient, but at this point i will slowly start looking for something either cheaper or that offers the direct import. 

    YNAB has been amazing, and I have learned to manage my money and spend it wisely, so why pay for a service (direct import) that is not working. 

    Like 1
    • Cornflower Blue Pony I don't even see support for N26. I'm testing this import since yesterday and N26 is not there.

      Like 2
    • Harry Knoener ouch. I just looked at what TL was offering as an agregator. I'm in Germany și I have zero functionality. 

      what is nicer, is thst I just got an email that ynab wants to increase its prices.... lool. that's really motivating to continue with them 😆😆

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    • Cornflower Blue Pony I was also surprised, since N26 is one of the most "digital" banks anyway. I also have an account there and I'm also in Germany. Luckily my main account is on a supported bank, but still it's only the main account, credit cards/saving accounts are not there.

      About the price, I just received this email as well. I would say that it was, at least, a "bad timing". Also the price is quite steep, specially the monthly one. The service I pay the most monthly is Youtube Premium and it's not that much. They put a monthly option, but at this price it's clear that they don't want anybody to use it monthly. 

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    • Harry Knoener my bad. I just realized I have misread this. I haven't been on this thread for a few months and I just read a few comments. it seems they went with plaid, that has the shitties understanding of EU. Germany is supported only for transactions (no balance) while other eu countries are not supported at all. this is like the worst decision, picking a agregator that does not know how to take advantage of the EU wide Pds2... let's see if they make a miracle in the last month I still have a subscription. as my hopes are zero (they've been kicking this down the road for too long) I am starting now to look for alternatives. either with direct integration or at least cheapper as I can't justify paying for almost 100$ for this anymore. 

      Like 1
    • Hey Cornflower Blue Pony - just want to clarify that we're partnering with TrueLayer for UK/EU importing. One of the factors we considered was that TrueLayer supports more countries than Plaid in the region.

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    • Marisa hi Marisa, they seem better but unfortunately from the 6 banks I use in Germany they only support one, the least interesting (N26) and that is a bit sad as there are other better agregators that understood how PSD2 works and took advantage of it as its standardized. and for germany there was already a similar secure system way before PSD2 which could be use for account observation. basically a read only access to our accounts. 

      Like 1
  • Ive been watching and waiting for this functionality and have been a paid user for nearly a year (I think) . With the recent price gouge combined with the slowness in bringing out functionality so that it is the same for all users paying the same amount, I unfortunately will not be a YNAB going further. Ill be looking for an alternative and jumping ship, to a spreadsheet if i have to , but it certainly is not worth it.

    Like 1
  • Just got me email inviting me to set up direct inputs to my account - most banks seem to be accommodated, all except Chase, but as they're still trying to figure out direct Debits, having open banking may be a bit much to ask for at this stage. Very easy to set up, all over and done with in about 30-50 seconds

     

    it won't stop me leaving YNAB at the end of this subscription, but I thought I should still do my bit to help those that come after me

    Like
      • James
      • Purple_Mill
      • 4 wk ago
      • 1
      • Reported - view

      Orchid Python What do you mean by "direct inputs"?  Do you mean bypassing Plaid?

      Like 1
      • Orchid Python
      • YNAB since 2005
      • Orchid_Python.9
      • 4 wk ago
      • Reported - view

      James I'm not familiar with what Plaid is, but I meant to type "imports" - my apologies

      Like
  • CxO's & Product Managers in the last meeting :  Let's choose a provider that supports 6 countries out of roughly 40 in the Europe region, they have been waiting for so long... they will be really happy. On top of that let's raise our prices by 20%, they're going to love it...! We're the best.

    Like 4
  • To clarify: we are partnering with TrueLayer for our UK and EU importing. One of the factors that we considered is that TrueLayer supports more countries than Plaid in the EU.

    Like 1
    • Marisa that's what I'm saying. DeutschlandEspañaIrelandItaliaUnited Kingdom. I am glad you thought about them. Now have a look at SaltEdge, compare the number of countries in Europe/World supported and tell me again that you chose TrueLayer for EU importing because TrueLayers supports many countries. That's b*****.

      Like 4
    • Slate Blue Cartridge While I can’t speak to every aspect that was considered, I want to clarify that TrueLayer currently supports banks in UK, Ireland, France, Germany, Spain, Lithuania, and Poland with more currently in testing.

      Like
  • Hannah M-M is the beta still open to new applicants? I filled in the survey a few days but didnt hear anything

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

      Mx Emmin thanks for your patience, you should hear back from me this week. We've had a great response to the call for testers so it's taking us some time to process all the applications. 

      Like
      • Mx Emmin
      • Orchid_Banjo.5
      • 3 wk ago
      • 1
      • Reported - view

      Hannah M-M  ah ok wasnt sure if I was too late to the party is all :) 

      Like 1
  • Hi guys I’ve been testing the sync and  It’s been working great. The only issue I have is one of my cards doesn’t seem to be supported. It’s the official Amazon Mastercard in the uk. Is provided by new day. Is there a way to request this to be added?

    Like
  • Application got turned down 😅 Lovely, gonna have to keep paying Sync

    Like
  • So, I pay for this program every time. But I really need support for Dutch banks. If not I'm afraid I have to cancel. I already filled in this form. It is sorta the last shot.

    Like
  • So I've now got the ability to direct import. However, there is one big issue that means I will not be able to use it. When you connect a Monzo account (which I have three of - personal, partners, and joint) it comes up with each pot as a separate account.

    If I could link each "pot account" with a YNAB account that would be better, but at the minute that's not possible, so therefore unusable for me. I'll have to stick with Sync for YNAB until that's changed.

    Like
  • Happy Tuesday y'all. Direct Import is now available for select banks and financial institutions in the UK and EU through our new Direct Import partner TrueLayer. Go check it out! First time linking an account? Check out our instructions for the web and mobile devices.

    Like 1
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