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They make their money by charging us a fee per customer-to-bank connection and not by selling your data or showing ads which track your behaviour online. In addition, we’ve set up the Moneydance+ service, which is currently a small connector from Moneydance to Plaid, which has the best privacy policy of the aggregators we’ve investigated. We’ll continue to work and debug problems with connections to even the smallest bank’s OFX service. So here we are Moneydance will continue to support OFX services to connect to any bank that provides the service.

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I don’t blame the banks, as it is so much easier for them to deal with a few significant aggregators rather than hundreds or thousands of different software vendors. It was clear that that approval was not forthcoming. Still, clients usually need to be registered and authorised to connect, so we would need explicit approval from each bank. That’s another thing about the newer protocols like FDX or the EU and UK’s Open Banking initiatives – they are more secure. If we wanted to connect directly to them, there would be an indeterminate delay in being allowed to do so. I was shocked to hear from the banks that they wanted us to use the aggregators. We were clear that our preference is for Moneydance, on your computer, to connect directly to their services, avoiding any “middle men” or aggregators.

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We have met with many of them about alternative methods of connecting and even joined as full members of the Financial Data Exchange (FDX). Multiple major banks have contacted us to indicate that they are moving away from OFX and will eventually stop running their servers.

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Also, a simple username and password are no longer secure enough to protect access to your accounts. They have good reasons for doing so, primarily because 2-factor authentication is impossible to add to OFX without breaking all existing software.

Problem 3: In the past few years, an increasing number of banks have started decommissioning their OFX servers.

Problem 2: Some of the banks that did provide OFX services could be flaky and unreliable, meaning that you still might not be able to download transactions if it happened to be a certain time of day or if the server was down for a couple of days for maintenance So if their customers wanted to sync with their favourite personal finance app, they would need to download a file from the bank’s website and import it into Moneydance, as if it were 1995. Problem 1: Many smaller (and some larger) banks have never supported the OFX protocol. In the past, we used the open-standard OFX protocol, with Moneydance connecting directly to the financial institution’s servers.

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We talk to many banks about how to establish and maintain connections between Moneydance and your accounts. We spend a lot of time and effort on Moneydance’s online banking system. Disclaimer: These prices are subject to change, but we don’t expect them to. If you don’t already have a Moneydance license and would prefer to go subscription-only, you can do so for $5/month. If you have a license for Moneydance 2022, then we plan to charge $2/month for the service. The fee schedule for Moneydance+ depends upon whether you’ve already got a Moneydance license. The previous online banking system in Moneydance will remain in place and free of charge for as long as there are banks with OFX servers to which Moneydance can connect. The subscription is necessary to cover our costs for connecting to the aggregator, Plaid. The Moneydance+ service does require a subscription, but it is an additional service that is purely optional. In addition, we have neither the desire nor even the ability to deactivate or “sunset” features. If you buy a license, you can use that version (and usually the next major update) for as long as you like. This article is meant to describe our approach to privacy and security, answer these questions, and explain our new (entirely optional!) subscription pricing.įirst, let me say upfront that Moneydance is not going subscription only and never will. It makes online banking accessible to far more people than ever before, but also raises privacy questions and the dreaded S word: subscriptions.

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The upcoming Moneydance+ is easily the most significant update to Moneydance ever.

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