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While it provided access to valuable financial insights, it came with serious downsides:
Security risks – Clients had to share credentials, exposing them to fraud.
Unstable connections – Banks frequently updated their portals, breaking the data flow.
Regulatory concerns – Screen scraping often operates in a legal gray area, conflicting with GDPR and financial regulations.
Enter PSD II: The End of Screen Scraping
With PSD II (and soon PSD III), regulators are putting a stop to screen scraping. Banks and financial institutions must now provide secure, API-based access to client data.
For wealth managers and financial advisors, this means:
Stronger security – No need to share or store client credentials.
Reliable access – APIs provide a stable and structured data flow.
Regulatory compliance – Only licensed Third-Party Providers (TPPs) can access financial data under strict oversight.
This is one of the reasons we built Pretim: Wealth Data Automation, without the risks. At Pretim, we believe wealth data automation should be secure, compliant, and hassle-free. Our platform eliminates screen scraping entirely, providing direct data automation that is GDPR-compliant and PSD II-ready.
No screen scraping – We connect directly with banks, custodians, and investment platforms.
Fully GDPR-compliant – Clients’ data remains protected and handled securely.
How is your firm preparing for the post-screen scraping era? Let’s discuss.
