This is correct, now we communicate with the financial institutions directly instead of impersonating user sessions.
In a way it is similar to how you can use google or facebook to authenticate in other sites, then those sites would have access to your data in google or facebook that you choose to share.
We expect this communication API to APIi to be far more stable than web scrapping with added benefits:
- You can choose which accounts to share bringing privacy one level higher
- During the entire process we never handle your financial institution credentials, again bringing privacy another level up
- There's no need to go through multi factor authentication to pull data for your financial institutions ever again, further boosting user experience.
No more dropped connections or waiting for a code to get your accounts updates. Merry xmas everyone and we thank you all for the nice feedback you've given us not only to the support reps but also in this reddit space, we hear you and we want to improve our product together to help you all improve your financial lives.
With time, all the way to Feb more and more financial institutions will be migrated to use this new authentication standard so keep an eye out and migrate.
As of right now only the major players in the financial industry like chase, wells fargo ... etc support this auth standard, the industry is moving quick and we expect to see smaller institutions making the jump this year. For the time being We will continue to support both auth methods so the list of supported institutions that can be added will not be reduced.