By the looks of it, there will be a no-deal Brexit. The implications of that are countless including for the FinTech industry which we and our partners are into.
In the case of a no-deal Brexit, all bank connections in the European Union (PS that now excludes the United Kingdom) will cease to work and would need to be re-connected. That means that you would need to connect to these banks again for MoneyWiz to continue syncing with them. We made MoneyWiz auto-detect this and notify you when it happens, but due to the inability to test with the real situation, we can’t be 100% confident that it will work exactly as planned.
Why is that happening?
The reason for this ordeal is not technical but legal. Our partner Salt Edge has an AISP license granted by the FCA. That’s the license needed to operate PSD2/Open Banking connections. The FCA is the UK’s financial authority which used to issue these licenses.
Now that the UK is about to exit the European Union, those licenses would become useless for countries in the European Union and the licenses would only continue to function for banks in the UK.
Salt Edge applied for the appropriate license in the EU back in the summer (2020) but due to how slow the procedure is, they still don’t have it. For that reason, Salt Edge is partnering with BudgetBakers who already have an EU AISP, so for the time being, all Salt Edge connections will actually be re-routed via BudgetBakers. Once Salt Edge gets their license, new connections will continue to be routed via Salt Edge themselves.
The reason you’d need to reconnect your EU accounts after Jan 1 2021 is that since BudgetBakers will be serving these connections, you need to legally authorize them to do so. You can do all that via MoneyWiz just as before.
What should I do?
If you don’t have connected bank accounts in countries from the European Union, none of this will affect you and everything will continue to work as usual.
If you do have such accounts though, you should expect them to stop refreshing on January 1 2021. Once that happens, simply disconnect them and re-connect them again. To re-connect an existing account just go edit it, and you will see the “Connect to institution” button in there. We'll greatly appreciate if you decide to enable debug logs before doing the above -- this would allow us to assist you faster in case something goes wrong (with the help of the logs)! However, if reconnection works fine, please remember to disable the logging feature.
Remember that in MoneyWiz 2021 version, you will only see banks that are supported by your selected Online Banking provider. MoneyWiz 3 combines all supported banks in a single list, without the need to change this setting.
Will my banks be supported?
Most of the same banks should be supported via BudgetBakers but there could be some that are not. That’s only temporary for until Salt Edge gets their license outside of the UK and inside the EU, and we hope that there will be few banks that will lose support after Jan 1. Unfortunately, none of this is in our control as we’re simply an integrator of all of these technologies so we rely on our data partners for bank support.