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when do you anticipate incorporating bank feeds like xero.com ?
they only integrate with HSBC but that's a great start IMO
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Demian - as soon as we can!
Believe me, we know how important it is...Comment -
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aha - cool. But according to GS I am the only one who asked about this ... maybe I used the wrong terms? Btw can you put a rough ETA on 'as soon as we can'?
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I’m
excited to think you'll be adding this soon
Hi, I just heard about the bank feeds in Zero.com and all of sudden felt slightly guilty for considering I might have to take a look at their services. Then it occurred to me you're probably planning on adding this, and sure enough I find this thread. I'm going to add my vote to this request, but I'd also just like to share some thoughts about this.
I don't have a lot of transactions happen on a daily basis, so you might think this isn't such a big deal and I could upload my statements manually. But the reason I would really really love to have a bank feed is because I keep missing transactions. This is really due to shortcomings of my online banking - I've already grumbled about this over on this thread but just to put the main point in here too:
In HSBC it asks me to choose a date period (and limits how long that date period is too). So if I've forgotten to download statements for a while, I have to download a couple of transaction sets, working back in time to the date when it looks like I last downloaded. You could easily miss a transaction this way, because of the way transactions can be added to a day at any point (so there could be more transactions in the day after you download for that day).
A bank feed would mean I never need to worry about this.
The other major plus is this would save me a couple hours a month in the time I'm currently spending downloading my bank statements (again, this would be less time if the bands UXD was better).
PLEASE can you may this a high priority request?! -
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I’m
hopeful
Did this ever happen? Or is it still a future request?
We bank with HSBC too so this would really save me some time. -
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Hi everyone
We understand that automated feeds from banks is the way forward -- we do FreeAgent's accounts in FreeAgent (of course!) so we totally understand that the current download/upload process is a step which could be eliminated.
Rest assured it's very high up on our priority list.
Olly -
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Hi,
I'd just like to add my vote here also. I've not made a commitment to which service I'm going to use yet FAC and Xero are my two shortlisted candidates. I was heading towards Xero until I found this thread however several months have past since it was opened so I'm still wordering just how long I'll be waiting. Is there a roadmap of any kind available? -
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Hi there, has there been any progress with the HSBC automated feeds? Do you offer this yet? -
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Hi Jasmine,
Not yet but it is very near the top of our priority roadmap!
Kind regards,
Emily -
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I’m
frustrated
I had another email from Xero today informing me of their great bank feed process - they have now extended this to 55+ banks.
When will you provide this service for freeagent users - this thread started over 1 year ago?
I am beginning to suspect that this is an issue with the cost of paying for the bank feed license. Can you provide some details on why this is taking so long?
Jason. -
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Hi Jason,
We've already announced we're working on bank feeds
http://www.freeagentcentral.com/centr...
Work is well under way and we're making great progress. We should have an update quite soon. -
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I’m
undecided
Any further updates on this? We're using Xero at the moment and are looking to move to FreeAgent as it has a lot more UK relevant features, but we don't want to lose the feeds!-
It's still being worked on alongside other features. I can't really give a time estimate to you, but I will keep you posted as and when we have news to share.
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I’m
anxious
I have a comment regarding bank integration. I looked into using yodlee, but had considerable security concerns.
When I signed up with them I was asked to provide all my security login details! I.e. they would have had everything they needed to take all my money. Before doing this I checked with my bank (HSBC/First Direct) and they said I should not give them these details, so I did not and so could not use the service!
So how exactly is your feed going to work? It is worthless unless the banks approve of it as nobody will use it.
Ideally there should be some way the banks provide a "read-only" type access to your bank account to freeagent.- view 1 more comment
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For what it's worth, I too share the concern. Have had a shortcut to Yodlee sitting on my desktop since I first read about them here months ago. Their personal finance tool sounds cool. But I just haven't felt comfortable going to the stage of handing over all my log-in details to them, despite the assurance of their integrity and scale.
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Peter - I agree. HSBC (First Direct) do not offer read-only, and they explicitly told me not to hand over my account details to Yodlee.
So either Yodlee is talking to HSBC at a high level and the information that they are ok has not yet filtered down to the call centre workers or Yodlee are over selling their proposition and level of trust they have with the banks to Freeagent and others keen to use their services.
I am sure it will happen at some point, but it has not happened now and I doubt it will for 3-5 years. Remember that retail banks IT systems move at a glacial pace! -
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I’m
confident
as far as I am aware the USA has had these kind of bank feeds for years can't wait for the integration !- view 2 more comments
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Roan - what I am concerned about it you doing a lot of work to integrate with Yodlee only to discover that the banks to not officially recommend that their customers hand over the username and password to Yodlee.
Has anyone at FreeAgent spoken to Yodlee and the major UK banks that your customers using to ascertain if the banks approve that their customers can hand over the login details to Yodlee without being in breach of the banks terms and conditions?
I would assume not. As I am 99% sure that until the banks provide a "read-only" option and login details to their online accounts (which I know that First Direct and Cater Allen do not) they will never recommend or authorise customers handing over login details to third parties.
So I think the bottleneck on this development is not FreeAgent or Yodlee but the banks developing read-only access via separate credentials. -
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Thanks for the clarification Roan, and my apologies for misleading folk. Looking closer, I can offer further clarification. I see that Xero have partner banks but use Yodlee for non-partner banks. I know that when I was looking at using them (before I chose the awesome Free Agent!) that they were going to require me to lodge an authorisation form with Kiwibank here in NZ. I guess HSBC is their only partner bank in the UK.
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We had feeds around 2000-3 I remember them working in Microsoft Money but then the banks started to worry about security and disabled them.
I'm glad to here feeds are on the way back -
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I’m
under pressure!
I know this is probably a painful topic to mention but I'm frequently feeling the pain of doing the bank export -> FA import process so I'm passing on the pain to you guys! What is the situation with bank feeds? Will it really happen? Is the hold-up FA dev or is it the banks 'read only' issue? I looked at Xero two years ago when assessing our needs and in the end went with FA due to your being UK based, but since then I've brought in a new FD and a new book-keeper, both of whom want me to re-consider Xero! When will bank feeds happen? Will it be in 2011 at least?-
Hi Ben,
We have been working on bank feeds, but there's still a bit to do.
So yes bank feeds will definitely happen, and I'd be hopeful this year, but we can't give out exact timescales yet.
I know it's been a long wait for people, but we are getting there. -
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I'm looking at FA and Xero now - bank feeds may be a decider.- view 1 more comment
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Thanks, I will do just that. :)
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This sounds like good news ;)
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My understanding is that Xero.com have bank feeds via screen scraping. If this is the case, then consider this; it effectively means you are giving your banking access codes to a third party. Are you sure you want to do that? I commend FreeAgent on not heading down the same route as xero.com.
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I think that Xero use an API for accesing the HSBC feed, but I might be wrong.
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Both Xero and FreeAgent use the same service, Yodlee to provide their bank feeds.
With the thousands of banks out there, this is realistically the only way to support bank feeds from the majority of banks in one go.
Yodlee is used by many financial institutions and applications safely across the world, including mint.com and several American banks themselves.
We'll be publishing more information soon about exactly how this works so people can understand how bank feeds will work. -
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I’m
Frustrated
Hi Roan, When will Automatic Bank feeds be added.
I selected Free Agent over Xero because you had automated bank feeds scheduled. This was back in August 2010. Here I am still waiting for this feature. I see lots of expansion on FreeAgent, award winning, Fund rasing (this is all great) however it seems to be at the expense of any further development of the new features on the road map.
Please put your eye back on the ball and finish off the features you promised. -
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Hello everyone,
Just to keep you updates, but we've added the first bank feed to FreeAgent for Barclays Business account owners.
More details here:
http://www.freeagent.com/central/auto...
Worth noting that we are rolling this out gradually so if you don't see it straight away then don't panic - it's coming soon. -
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