The next-generation in bank feeds is here, starting with CBA

We’re delighted to announce we have commenced making Open Banking bank feeds available in QuickBooks. These secure, next-generation bank feeds have started rolling out for CBA accounts, with NAB, Westpac and ANZ - and then the remaining banks - to follow soon after.

What Open Banking bank feeds provide

• Instant Data: Your clients’ banking data will appear in QuickBooks in real-time, giving you and your client a current view of their business's health.
• Significant Time Savings: These secure connections between QBO and your client’s bank mean no duplicate or missing transactions, freeing up valuable time.
• Improved Cash Flow Management: Your client’s up-to-the-minute business information means more accurate cash flow management and forecasting.
• Enhanced Security: Open Banking prioritizes security so your clients never need to hand over sensitive passwords or login details.
• Your Clients’ Business Finances in One Place: With Open Banking you can connect all account types (transaction, credit cards, loans) to QuickBooks to get a complete picture of the business.

How the Rollout Works

We will notify you each time a bank begins offering Open Banking feeds in QuickBooks, and simultaneously invite the relevant QuickBooks customers to upgrade their bank feed.

The upgrade process for each bank will be phased, starting with customers who have simpler bank accounts and progressing to those with more complex banking structures. These phased groups are determined in partnership with the bank to ensure a smooth transition.

To keep things simple, instead of sending your practice various customer lists, you can check a customer's QuickBooks file directly. If a customer has been invited to upgrade, a notification similar to the example below will appear on their dashboard.

While upgrading to Open Banking feeds is currently optional, we highly recommend it due to the significant benefits it offers: real-time data, access to more banks and account types, and industry-leading security. Plus these next-gen bank feeds are provided as part of your clients’ QuickBooks subscription.

The Rollout Plan Sequence

The initial phase of the Open Banking rollout will focus on the 'Big 4' banks, beginning with Commonwealth Bank of Australia (CBA), followed closely by National Australia Bank (NAB), then Westpac, and finally ANZ.

We will then launch the next group of financial institutions which includes St George, Bendigo Bank, Bank of Queensland, Bank of Melbourne, BankSA, Bankwest, and Macquarie Bank.

Our rollout will continue to add the remaining banks and financial institutions, delivering approximately 100 banks in total.

Helping Your Clients Upgrade to an Open Banking Feed

The account holder will typically be required to complete the connection of an Open Banking bank feed themselves. This is due to the security standards that underpin Open Banking. We will provide them with all the necessary steps, but we understand they may reach out to you for assistance. So while connecting an Open Banking bank feed is straightforward, there are a few key steps to follow to make it a seamless process:

• Designate a Representative (for non-individual accounts): For accounts like a company, trust, or superfund, the account holder must nominate a representative or delegate to share data. This is usually done through the bank’s online banking portal.
• Input their ABN/ACN: During the connection process, they will need to input their Australian Business Number or Australian Company Number.
• Verify Identity: The client will need to have their mobile phone handy as a one-time password will be issued to complete the connection process.

For more detailed instructions, you and your clients can learn how to connect an Open Banking bank feed here.

Your Competitive Edge with Open Banking

This is an exciting milestone for QuickBooks. The arrival of Open Banking feeds provides a significant competitive advantage for both you and your clients. Although this transition will take time and require some change, the substantial benefits will make the effort worthwhile.

Like to know more?

• Open Banking Hub: Head to the Open Banking Hub to learn more about Open Banking, how to connect an Open Banking bank feed, review the FAQs and more.
• Connect with your Account Manager or the Customer Success team who are ready to help.

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply. Product offers, features, and functionality are subject to change without notice.