Hubdoc's have advised that there are upcoming industry-wide legislative changes that will impact Hubdoc’s bank fetching capabilities in Europe and the United Kingdom.
What regulation changes are being introduced?
The second Payment Services Directive, or PSD2, is legislation adopted by the European Union in 2015 to encourage the development and use of new financial technologies, such as Open Banking.
As part of PSD2 compliance, new EU standards are scheduled to come into effect on 14 September 2019 which impose changes to the way third parties like Hubdoc access data from banks as the industry moves toward Open Banking.
Specifically, they require that banks must know it's you (not a third party fetching data) that's accessing or authorising the access of your transaction data.
Please note that these new requirements impact the entire industry.
How does this impact you and your Hubdoc account(s)?
As a result of these legislative changes, Hubdoc will no longer support automated fetching from the following financial institutions in Europe and the United Kingdom:
Bank of Scotland
First Direct (HSBC)
After 14 September 2019, Hubdoc will no longer fetch any documents (statements, CSVs, etc.) from the banks listed above. All documents that have been previously fetched will remain in your Hubdoc account; however, no new documents will be fetched from these institutions going forward.
How can I prepare for this change?
For more information about the industry-wide legislative changes, please review Hubdoc's support article (click Hubdoc Suppport Article) which also includes a recommended alternative workflow for uploading statements to Hubdoc, as well as suggested messaging for communicating the change with your affected clients.
We’re very sorry for any inconvenience this may cause. Please do not hesitate to contact us if you have any questions or concerns.