Upcoming changes to bank connection availability

SystemSystem Posts: 270 admin

imageUpcoming changes to bank connection availability

This article applies to Wave customers in the UK and EU.

The Payment Services Directive 2 (PSD2) is regulating banks in the European Economic Area (EEA) to open their APIs to allow Third Party Pro...

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edited July 30, 2019 in Help Center Discussion
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Comments

  • chinhousweechinhouswee Member Posts: 2

    Oh boy back to manual labor. I hope there will be helpful changes soon.

  • StevenOBrienStevenOBrien Member Posts: 1

    That's a shame. I would pay a monthly fee to keep this functionality. Right now, this renders the service completely useless for me, so I'll have to close my account and move elsewhere.

  • simonssimons Member Posts: 5

    This was one of the best features of wave. Unfortunately my bank doesn't support any of the above file types and Wave Connect doesn't work with my version of Wave, so I will have no choice but to find an alternative.

    Can someone tell my if there is a way to export details of my customers and my recurring invoices.

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    Pretty certain you can download much of what you would need to migrate by csv file download.

    Have you looked at where you want to move to? Depending on the features you need I believe you'll find that Pandle offers a good fit for most, and at just £5+VAT per month it's certainly affordable.

  • JustinBaker1JustinBaker1 Member Posts: 1

    Not good news!
    This was very good for me as I am run off my feet as it is.
    This will cause a great many problems for me.

  • hungrymarcohungrymarco Member Posts: 1

    Yeah - huge loss. Can't you create a premium service? also, will this affect Amex? I'm a UK user but Amex are USA (obviously) by origin.

  • PhotoclarePhotoclare Member Posts: 2

    Wow, this is really bad news! My bank also doesn't support any of the above file types and this is the biggest part of using Wave for me :(

  • OrangeoakOrangeoak Member Posts: 2

    Has anyone used/transferred to Pandle yet?

  • shanhardshanhard Member Posts: 6

    @Photoclare and @simons you can also upload .csv files (they should have mentioned this, not sure why they didn't). Most banks allow you to export your statement as a .csv file.

  • domhardydomhardy Member Posts: 1

    So there'll be no support at all for automatic import of banking transactions once Open Banking comes into effect? Are banks switching off their existing APIs and interfaces?

    Surely you will end up losing a lot of customers in the UK and EU if this comes in to effect?? This seems like madness.

  • thewizleonthewizleon Member Posts: 6

    This is a big blow for most users of Wave. Ive only just joined the service (April 19) and have found the learning curve steep but manageable all with he help of bank account integration. Without this service, the system is going to be far more time consuming. I echo a couple of the other comments in that there should be a 'freemium' product that allows users access to the free platform but with bank integration built in. Surely this should be investigated as I'm sure a lot of users will welcome the opportunity to keep this service. Given that these are industry wide changes, other free platforms are going to have the same issue and it will be interesting to see if they start to charge too.

    Wave - please do some research on this and im sure yowled find plenty of people will pay a small monthly fee for bank integration.

  • Wheats142Wheats142 Member Posts: 1

    I would happily pay to keep this feature. I have been using Wave for years and without being able to automatically import transactions I think I would lose track of my finances. Is there a way we can support the cost?

  • billysalbillysal Member Posts: 4

    Oh dear! Well that clinches it, time to move to another software. Pandle seems to be the best option for UK users. But at the moment they don't have automatic receipt scanning, which is a real shame. But the only option I can find that offers VAT returns, multiple currencies, and receipt scanning, is Xero's top tier package at £32.50 + Vat a month. I guess I have to get used to entering my expenses manually! Quickbooks rather strangely offer really effective receipt scanning on their most basic self-employed package, but it's not available on the more expensive business package (which I need for VAT)... go figure! Any other suggestions?

  • pleconsultpleconsult Member Posts: 1

    The system is really great and easy to use, in many ways so much better than other more well known brands - it would be a shame to have to close my account. I would be happy to pay a monthly fee to keep this feature going.

  • nadworksnadworks Member Posts: 32

    Wow, that's quite some news.... with just over a month notice!!!

    Indeed time to move on. Agree with @billysal that an alternatives for us Europeans will have to be found fast. I expect the September deadline will push a few more products onto the market.

    I joined in 2012 and while it was mainly a useful shortcut to billing and money management, I was never a fan of WAVE's all-too US-focussed features, terminology and limitations. Nevertheless it was good while it lasted. It's a little disappointing that WAVE don't offer the option of a paid tier that allows for EU based banking to be maintained. The pain of moving my accounting over to a new tool is something I sincerely dread.

  • AlexLAlexL Administrator Posts: 1,091 admin

    Hi everyone. We totally understand that this is an upsetting situation which is why we're here to help you through this process. We've created an in-depth FAQ which should answer any and all of the questions that you may have about these changes. Please check it out below.

    https://community.waveapps.com/discussion/5165/changes-to-bank-connections-in-the-uk-eu/p1

  • MyronMyron Administrator Posts: 143 admin

    @chinhouswee @StevenOBrien @JustinBaker1 , thanks for sharing your thought on this. While we do believe that Open Banking is the right way forward, I'm afraid that the operational & technology costs to support Open Banking are too high for Wave at this time. We have always strived to provide the best accounting platform at no cost, and this will not change that goal.

    @simons, if you are using the older version of Wave, Wave Connect will work for all supported data types except for transactions. Wave Connect can be used in the older version of Wave to export customers, products and regular invoices.

    @hungrymarco, Wave was founded on the idea that all small business owners should have access to simple and free financial software. We currently do not have any plans on introducing a paid level of Wave. Open banking only applies to UK and EU bank institutions. Wave will continue to use bank aggregation partnerships and internal products to automatically import bank feed transactions from any institution geographically outside of the United Kingdom and European Union.

    @Photoclare , I'm sorry to hear that your bank does not offer any of the supported formats. As @shanhard said, you can indeed upload your bank statements in CSV format. If you do not see the option in your online banking portal to export your bank transactions as a CSV, I'd recommend reaching out to your bank to ask if the option exists. In my personal experience, the CSV export option for the bank that I use is pretty hidden and not immediately obvious. Furthermore, have you had a chance to look into our Google Sheets integration, Wave Connect? Wave Connect makes it easier for you to import transactions by copying your bank transactions onto a Google Sheet.

  • nadworksnadworks Member Posts: 32

    I think I'm going to go with QuickBooks (https://quickbooks.intuit.com/uk/) - not free, but affordable at £12 per month. The features I need are all there and the next plan up (£18) covers even more.

    I was never averse to paying for WAVE if that was the only option to maintain it with all its features. Having invested so many years in this platform now, just getting this sprung on us does not feel good. Our bank (Barclays) does have an excel export feature, but the workflow is incredibly tedious that I will have no other option than to leave WAVE next month.

    edited August 4, 2019
  • hackerphotohackerphoto Member Posts: 1

    This is such a shame. What about a option to pay a monthly cost to keep the system up and running.

    Come on Wave sort it out!!!

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭
    > @nadworks said:
    > I think I'm going to go with QuickBooks (https://quickbooks.intuit.com/uk/) - not free, but affordable at £12 per month. The features I need are all there and the next plan up (£18) covers even more.
    >
    > I was never averse to paying for WAVE if that was the only option to maintain it with all its features. Having invested so many years in this platform now, just getting this sprung on us does not feel good. Our bank (Barclays) does have an excel export feature, but the workflow is incredibly tedious that I will have no other option than to leave WAVE next month.

    Did you look at Pandle (£5pm) before opting for QuickBooks? What features were missing in Pandle to sway you to choose the more expensive QB? Curious
  • Kag1512Kag1512 Member Posts: 1

    Come on WAVE! Don't let us down. We all love using your software. I would happily pay you the monthly fee than QuickBooks or Xero which I may have to move too. Surely you fantastic people could sort this out for us? we love using WAVE X

  • crobertsoncrobertson Member Posts: 1

    This is very disappointing and frustrating. As a fairly new user to Wave, it has taken time and effort to learn and use Wave and dread the prospect of having to now transfer to using new software to maintain this feature. I would happily pay a small monthly fee to Wave to cover the cost of this. It is difficult to see how Wave can't offer a free option and paid-for option - this would still fit their ethos of offering a free accounting service whilst giving choice to those who don't want to input their transactions 'manually'.

  • Celtic_Storm36Celtic_Storm36 Member Posts: 2

    a question for Admin...many of us are happy to pay a monthly fee to be able to continue automatic bank connection. Is this something you are considering? if you dont try offering a paid for service surely your customers will now leave you in droves?? please respond either way before we start looking for new providers. I would much rather stay put with Waves

  • Cosy_StudiosCosy_Studios Member Posts: 2

    Just like that then. 10 years of solid accounting down the drain for the sake of red tape.
    Boo.
    Xero it is then, does anyone know if pandle supports this open banking malarky?

    edited August 5, 2019
  • Cosy_StudiosCosy_Studios Member Posts: 2

    @Celtic_Storm36 said:
    a question for Admin...many of us are happy to pay a monthly fee to be able to continue automatic bank connection. Is this something you are considering? if you dont try offering a paid for service surely your customers will now leave you in droves?? please respond either way before we start looking for new providers. I would much rather stay put with Waves

    Directives like Open Banking will be advocated and promoted into Canada and the United States in the next few years. Wave believes in these types of initiatives, so when it is timely to develop these features for the UK & EU, we will. As we decide on our international revenue strategy in the future, the United Kingdom and European Union are a critical component of that vision.

    • Give it 6 years and maybe ?
  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    @Cosy_Studios said:
    Just like that then. 10 years of solid accounting down the drain for the sake of red tape.
    Boo.
    Xero it is then, does anyone know if pandle supports this open banking malarky?

    Yes it does

  • nadworksnadworks Member Posts: 32

    ..., so when it is timely to develop these features for the UK & EU, we will. As we decide on our international revenue strategy in the future, the United Kingdom and European Union are a critical component of that vision.

    .
    I know this can be seen as a moot point, but I'm directly involved: the UK are part of the EU for the time being and - until Brexit has actually happened - will remain so. Regulations and directives are consistent across the European Union.
    .
    Dealing with clients in the USA a lot, I'm aware that banking and payment processes are very much behind in the States. Cheques are still common and I cannot even remember the last time I've seen a cheque here in the EU. But things are moving on fast, so please do brace yourselves, WAVE, for OB to become more of a thing in North America sooner than later.
    .
    I've just spent my weekend looking for alternatives and after exploring ZOHO Books and Quickbooks will now give Pandle a test-drive. Really disappointed to be let down by WAVE in this way and with the shortest notice. You had no problem "gracing" my personal banking dashboard with the warning that Budgeting would go down "soon" for over a year. But switching off bank feeds for an entire market is worth a meagre 6-week warning. Boo indeed.

  • Robert_S96Robert_S96 Member Posts: 1

    Thanks Wave, instead of charging everyone a fee you've removed a feature we all need, I cant change to another other accounting software becuase I cant get on with them! it took me long enough to find you... so now ill spend however long each month manually imputting the infomation (spend even less time with the kids) THUMBS UP GREAT BUSINESS DECISION

  • jcraigsjcraigs Member Posts: 1

    Very bad business decision - have used Wave for a long time but will now be switching to a provider that can offer this service - even if I have to pay for it! After the re-vamp things were looking very promising - bit pointless now....

  • JamieDJamieD Administrator Posts: 1,117 admin

    Hey everyone. Although the bank connection feature will not be available due to Open Banking regulations in the EU as well as the UK starting September 10th, I do think it's worth your while to see a few different avenues that include sticking with our software and different accounting software that supports the Open Banking regulars. This FAQ that we created when we first announced these future changes should be beneficial to read through: https://community.waveapps.com/discussion/5165/changes-to-bank-connections-in-the-uk-eu/p1

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