I am including an email we have just sent to our users with RBS/Natwest connections.
this is Edoardo, co-founder and CEO of Emma.
I am writing to give you an update on your Natwest or RBS connection!
As of last week, both banks have fully rolled out a new way to authenticate to your accounts, called Strong Customer Authentication (SCA).
This is a requirement of a big European regulation (PSD2) which forces banks to:
- Adopt SCA on all their payment accounts (current, credit cards and savings)
- Provide access to these types of accounts via API (Open Banking)
In terms of Emma, this meant that we needed to start adopting the second point, otherwise you would have needed to re-login every time to refresh data.
This is why we have started transitioning everyone to Open Banking, which is a backed government initiative that introduces a lot of innovation in the space - you won’t need to share your credentials anymore and will have to just authorise access on the banking app.
Unfortunately, Natwest and RBS have “recently” removed payment functionality from their savings accounts. In this way, they are not legally required to return them anymore via API. That’s why our current Open Banking connection only supports Current Accounts and Credit Cards.
At this point, we don’t have any news and are working with the regulator, the Open Banking directory, our service provider and legal team to understand how to take action and win the battle for an open and transparent financial system!
For the time being, we are going to continue supporting Current Accounts and Credit Cards and will transition any existing account not supported to the “Closed Accounts” section of the app.
We hope these accounts will soon be back on Emma, alongside the 10,000+ banks we support across 2 continents; but this doesn’t really depend on us.
The ball is in the hands of the bank. We truly believe we are on the verge of a financial revolution and need your help to bring these accounts back!