What is Open Banking?

Open Banking is a standardized way to allow you to share your financial data with third-party apps, like Banktivity and our backend providers, Yodlee and SaltEdge. It works by you granting your bank permission to share your data with Banktivity. It does this without you sharing your credentials and you can revoke access at any time through your bank’s website.

Once you grant permission to share your data with Banktivity, our backend provider, Yodlee in the US and Saltedge in the UK/EU, will download transactions from your bank using an API (application programming interface). This is far superior to screen scraping and ultimately results in more consistent transaction data. It also results in less frequent prompts for one-time passcodes via text or email.

It’s up to each bank to implement Open Banking and then to allow third-party aggregators access via their APIs. As of this writing (November 23, 2021), Banktivity 8 has Open Banking support for the following US banks:

  • Bank of America
  • Brex
  • Capital One
  • Charles Schwab
  • Chase
  • Citibank
  • Wells Fargo
  • Yotta

How to enable Open Banking

If you would like to enable Open Banking for any of the financial institutions listed above or many of the banks supported in the United Kingdom and Europe, here is how to do that:

Disable online access (if already connected):

Double-Click on the account name for the account
Click “Check Status” followed by “Take Offline”
Go to Account> Configure Automatic Downloads
Follow on-screen prompts to set up your account

Enable online access:

Double-Click on the account name for the account
Choose “Configure Connection”
Choose “Find my bank” and select your bank from the list with “Use new Direct Access” toggled ON
Follow the onscreen prompts as necessary. (You will be prompted to enter your credentials, but it will be when the app is sending those credentials directly to your bank.)