US Open Banking
What are the steps to be followed to get onboarded with open banking (OB)?
Refer to the process workflow for details:
Do all US providers support OB?
In the U.S., financial institutions have no mandate to provide OB APIs. So, each provider is proceeding at their own pace. We expect that most US providers will eventually support OB connections, first with the largest institutions.
The following U.S. institutions are currently supported for OB connections on the Yodlee Platform. This list will be updated as additional institutions are launched.
| Financial Institution | Supported Account Types |
|---|---|
| Bank of America | Bank, Card, and Loan |
| Brex | Bank and Card |
| Capital One | Bank, Card, and Loan |
| Charles Schwab | Bank and Investment |
| Chase | Bank, Card, Loan, and Investment |
| Citibank | Bank, Card, Loan, and Investment |
| Novo | Bank |
| Wells Fargo | Bank, Card, Loan, and Investment |
Are all existing accounts/account types supported with OB?
All types of accounts are generally supported via. OB (unlike in the U.K., where some account types were initially not included in the specifications). Each provider supplies the accounts corresponding to their lines of business. Some providers have consciously decided to exclude certain lines of business (for example, mortgages administered by a third party).
Will the existing account IDs or providerAccountIds change once we start using OB?
No. The existing account IDs and providerAccountIDs will be migrated to the new OB site during the migration process.
How does the migration happen for existing user accounts?
Refer to FastLink US Open Banking Product Guide or the Open Banking Introduction video.
Is there a timeline for users to migrate to OB sites?
Once OB sites are available and your application is on-boarded, Yodlee will inform you about the migration timeline for each provider. The users typically have a 30-day period from the migration start date to migrate their accounts.
How can a user identify if a site is with OB?
During the OB site add flow in FastLink, the interstitial screen informs the users that they are being redirected to the provider site to grant access.
For more information, refer to the FastLink US Open Banking Product Guide.
In FastLink searches, will both screen-scraping and OB sites of the same provider be displayed?
FastLink at any point will only display one site for each provider (i.e., either screen-scraping or OB).
How does a user grant consent?
The user is redirected to the consent flow in the provider's site and is prompted to grant consent. The flow and user experience vary by provider.
How does a user revoke consent?
The user can revoke consent through a control dashboard at the provider's site.
When the user revokes consent at the provider site for any specific account, why the additional status
returned is DATA_NOT_AVAILABLE, and the account is marked as TO_BE_CLOSED, instead of CONSENT_REVOKED?
In this case, the consent is revoked at the particular account level and not for all the accounts of the site. Most US providers do not notify us when the end-user revokes consent. They also don’t differentiate between the revoked-token error and other invalid token errors.
We will not be able to refresh the data for the consent-revoked account, but we can still refresh the active refresh tokens/accounts. Customers can handle this scenario by appropriately changing the messaging for DATA_NOT_AVAILABLE as a generic message.
Does a user's consent expire?
In the U.S., consent does not normally expire based on a predefined time period. The granted consent is perpetual until revoked.
Will the user's data be available with Yodlee even after revoking consent?
Historical data will be available. Revoking consent only stops further account refreshes. The user can delete their account in the application to remove history.
If a user revokes consent by mistake, is there a way to retain historical data at Yodlee?
Historical data will not be removed. The user can re-consent, and the account refresh will start again.
What is the support process available for OB sites?
The support process will be the same for all provider sites.
Are there any fallback options if an OB site fails for some reason?
No fallback option is available. The issue will have to be fixed on priority like any other incident.
Can we roll back (go back to screen-scraping) if any major issues are identified?
No. This option will not be available once the user is migrated from one Site ID to another.
Is there any change to the Data Model for OB sites - i.e., are all existing fields supported as is?
No, there is no change to the data model.