Open Banking Resource Page
The Open Banking Standard is slowly
being adopted by banks and brokers across
the world.
Your experience with ComplianceAlpha® and the way the Employee Compliance solution links to your brokerage accounts is about to get easier!
As of March 10, 2022, ACA enabled the first Open Banking connections, and additional connections will be enabled in the near future. We've created a resource page to assist you during this transition.
The Open Banking Standard provides third-party applications, like Employee Compliance, access to consumer banking data through direct API connections with banks and brokers. This new technology means faster and more secure connections to your brokerage accounts and will eliminate the need to re-input your credentials if you change them.
To learn more about Open Banking, please read our FAQ.
Open Banking Deadlines
|
Bank |
Conversion Start Date |
Convert By |
|---|---|---|
|
TIAA |
4/10/2024 |
5/10/2024 |
|
PNC |
5/10/2024 |
6/8/2024 |
|
Transamerica |
6/20/2024 |
7/20/2024 |
Coming soon...
|
Bank |
Convert By |
|---|---|
|
Vanguard |
TBD |
|
John Hancock |
TBD |
|
Empower |
TBD |
Completed
|
Bank |
Completed |
|---|---|
|
Chase |
4/21/2022 |
|
Charles Schwab |
4/29/2022 |
|
Wells Fargo |
4/30/2022 |
|
Citi Bank |
11/15/2022 |
|
Robinhood |
11/19/2023 |
|
Edward Jones |
10/25/2023 |
|
Fidelity |
12/15/2023 |
|
U.S. Bank |
9/29/2023 |
|
Voya |
2/7/2024 |
New! Open Banking Filter
Use the new Open Banking filter to see which aggregation accounts have been switched over to an open banking connection and which users have not converted their eligible accounts. Click here to learn more about the filter.
Convert Your Existing Account
If accounts are not converted by the dates listed above, they will stop refreshing (updating transactions and holdings data) and be moved to the “Broken Connection” status.
For employees with an existing connection to the banks and brokers above, employees are required to take action to “convert” their connection to Open Banking. The steps employees are required to take are listed below.
Instructions
If you have an existing aggregation connection to any of the accounts above, you are required to “convert” your connection to Open Banking.
- Log in to Employee Compliance and navigate to “Personal Trading / Accounts”.
- For any accounts listed above that are connected via aggregation: click the account row to expand the card, and then click “Edit Login”.
- This will take you the Open Banking connection flow where you will be asked to authenticate via your bank or broker’s website and provide consent for ComplianceAlpha to pull your account information. If prompted by your bank/broker, we recommend you select the option to pull in all future accounts.
Step by step instructions can also be found here.
After taking this one-time action, you will not have to update your password again, deal with multi-factor authentication issues, or refresh your account on ComplianceAlpha.
If you have any questions about these steps or Open Banking, please reach out to ACA’s Support Team at support@compliancealpha.com.