[kmymoney] [Bug 428146] Cannot import schwab transactions on their ofx server since 2020-10-16

[Dawid Wróbel]

https://bugs.kde.org/show_bug.cgi?id=428146

--- Comment #5 from Dawid Wróbel <me at dawidwrobel.com> ---
Honestly, I don't know what the solution is. The industry is undergoing a
revolution of sorts, triggered by EU's PSD2 directive, which the FDX initiative
(https://financialdataexchange.org) seems to follow in the US. 

The problem is not really of technical nature and the increased authentication
requirements, which dictate that 2 of the 3 components described as knowledge,
possession and inherence need to be used to authenticate. The big issue is that
these new regulations require the financial software to be registered with
financial institutions[1]. In the US, it effectively means that only the big
players like Intuit and Quicken Inc can afford and have legal entity to become
authorized by each financial institution separately. 

That is, unless as a developer you're willing to outsource this to an
aggregator (Yodlee, Plaid) and pay them to handle it on your behalf, which also
exposes your users' privacy, but that's a whole different story and still out
of question for open sources projects like this. For what it's worth, it has
been discussed by our team before here:
https://invent.kde.org/office/kmymoney/-/issues/21

Additionally, from the MoneyDance forum I listed above, it seems that Schwab
did not actually remove OFX support just yet, but they limited it to specific
products only (TurboTax, H&R Block and Quicken). I am guessing once said
products fully implement Schwab's new API, OFX will be shut down completely.

For the record, Discover did the same thing earlier this year, except the shut
down OFX entirely and do not even offer any open API to register with, only
letting Quicken customers access the data, which at least in theory sounds
illegal.

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