IMPORTANT: To successfully migrate your existing account/s to Open Banking, strictly follow the steps below. Step 10 is crucial - you MUST select ONLY the same accounts that exist in your client portal and no additional ones. Failure to select the same accounts will result in a broken data feed.
Changes to the portal now allow certain financial institutions (and certain account types) to be provided by an Open Banking environment.
If you have previously added an account using your online credentials and the institution is now available to Open Banking, you will notice that the wealth item now shows a 'Consent required' message on the left of the screen.
A 'Manage consent' button is located on the bottom of the asset screen to allow the migration to Open Banking in order to restart the data feed within your portal.
Until you 'Manage consent' of that wealth item, the data feed will not be active and therefore will not be bringing in any balance or transaction information.
To migrate your existing account to Open Banking:
- From your Client portal, navigate to the Wealth area in your portal.
- Locate the bank account you wish to manage consent for and click on the bank account name.
- From within the bank account details, click the 'Manage consent' button.
- A manage consent window appears. Click 'Manage account'
- The consent process is shown. Be sure to read through each area of consent using the drop down arrow to expand the information.
Click 'I Consent'.
- You will now be redirected to your banking institution to complete the process.
- A new browser window will open as part of your banking institution.
Enter in your Internet banking client ID and click 'Next'.
Enter your password into the field provided. Click 'Next'.
- If you have authority to operate on another person's accounts, ensure you select the client for the EXISTING wealth items that you are wanting to convert to open banking. Click Next.
- Select only those bank accounts that exist in your portal and click next.
IMPORTANT: To successfully migrate your existing account/s to Open Banking, strictly follow this step. You MUST select ONLY the same accounts that exist in your client portal and no additional ones. Failure to select the same accounts will result in a broken data feed.
You can add additional bank accounts once migration has occurred.
- A confirmation window shows you the accounts that will be shared with your client portal. Click 'I confirm'.
- You are directed back to the portal, where a summary of the accounts you are sharing with the client portal is shown. Click 'Save & Finish'.
- A message is displayed to confirm that the portal is reaching your financial institution. Click 'OK'
- Once the data feed is initially triggered, 30 days of data will be brought through.
Overnight, the data feed will continue to process and up to 60 days worth of historical transactions will sync with your portal.
NOTE: Once an account has been converted to Open banking, the data feed will access up to 60 days worth of historical transactions.