CSV import over automatic bank transaction fetching

By Paul Panserrieu — Saturday May 27 2023, Berlin

Greetings once more from the momo.coach blog! As we continue developing our platform, I want to share more about our decision-making processes.

Today, we'll look into why we've decided to implement a CSV transactions import feature rather than automatically retrieving bank transactions.

Firstly, let's consider the Revised Payment Service Directive, or PSD2, currently in effect in Europe.

This directive has established the foundation for increased data sharing within the financial sector, theoretically enabling automatic bank transactions retrieval.

However, employing PSD2 for this purpose is not as straightforward as it might seem. The process involves navigating a complex landscape of regulatory requirements and technical challenges.

While we are not ruling out the possibility of exploring this route in the future, at this stage in momo.coach's development, we cannot afford to go in this direction.

Secondly, we believe in prioritizing your control over your financial data. If we were to implement automatic transactions retrieval, we would need to rely on a third-party provider to act as a middleman.

By allowing users to import their CSV files directly, we ensure that you maintain direct control over your data, aligning with our philosophy of empowering freelancers.

Lastly, we strongly believe that accounting needs to be decoupled from banking. This standpoint derives from the basic purpose of accounting: to autonomously control and validate financial transactions. By intertwining accounting too closely with banking, we risk compromising this independence.

Using CSV exports allows us to maintain the necessary distance between these two functions.

Stay tuned for more insights into our development process, and thank you for being part of the momo.coach journey.