The next generation of bank feeds are coming to QuickBooks with Open Banking

Intuit QuickBooks is on the cusp of rolling out the next generation of bank feeds, bringing the power of Open Banking directly to your QuickBooks account. This isn't just an update—it's a game-changer designed to make your financial management faster, more secure, and more insightful than ever before.

What is Open Banking?

At its heart, Open Banking is a government led initiative that puts you in control of your financial data. Launched in Australia on 1 July 2020 as part of the broader Consumer Data Right (CDR), it allows you to securely share your financial information with accredited third parties, like Intuit Australia Pty Limited, the provider of QuickBooks. Think of it as unlocking access to your financial data so it can be used to benefit your business.

Currently, setting up bank feeds in QuickBooks can involve manual processes and delays. Daily transactions might appear 24 hours later, and for some banks, the initial setup can take weeks. Open Banking completely transforms this.

Here's how the magic happens:

• Instant data transfer: Your banking data will appear in QuickBooks in real time. This means your QuickBooks account will always reflect your most up to date financial position, giving you a truly real time view of your business' health.
• Significant time savings: With a direct connection to your bank, you'll experience no more duplicate or missing transactions, freeing up valuable time.
• Improved cash flow management: All your finances in one place and up to date means real time, simplified cash flow management, enabling highly accurate future forecasting.
• Enhanced decision making: The immediate availability of comprehensive and accurate data generates deeper insights, empowering you to make better, more informed business decisions.
• Enhanced security you control: Open Banking prioritises security. You control what data is shared and with whom, without ever handing over sensitive passwords or login details.
• All your business finances in one place: Connect all your bank accounts, credit cards, and even loan accounts to QuickBooks. Every transaction is visible in real time, eliminating guesswork about cash flow and the need to juggle multiple financial apps.
• More banks available: Open Banking makes it possible for more banks to connect to QuickBooks, enabling you to have all your financial data streaming into QuickBooks.

How does Open Banking work?

Open Banking uses technology called application programming interfaces (APIs) to securely transfer your transaction data from your bank to accredited data recipients, like Intuit QuickBooks. After giving Intuit your consent to collect your transaction data, it’s all done electronically and automatically. You can learn how Open Banking works here.

How secure is Open Banking?

Security is paramount. With Open Banking, you authorise your bank to transfer your data directly to trusted and accredited providers like Intuit QuickBooks, without ever having to share your banking passwords. You simply log in to your bank's portal to grant consent to share your data with Intuit QuickBooks and for Intuit QuickBooks to collect your data. You are always in control and can easily withdraw your permissions at any time.

Accredited to deliver Open Banking

It's crucial to share your data only with accredited parties. Intuit Australia was one of the first third-party providers and is currently the only cloud accounting software provider granted authorisation by the ACCC (ADRBNK000013) as an Accredited Data Recipient (ADR) at the unrestricted level. This means you can be confident that QuickBooks meets the highest standards of security and compliance under the Consumer Data Right.

Getting ready for Open Banking bank feeds

Connecting an Open Banking bank feed with QuickBooks will take just minutes, and the connection lasts for 365 days before needing a quick re-authorisation. This ensures an uninterrupted flow of accurate, reliable data in real-time.

When it comes time to connecting an Open Banking bank feed in QuickBooks, you'll need to:

• Your Australian Business Number (ABN): This is to validate you’re a registered Australian business.
• To nominate a representative for any non-individual bank accounts: For entities like partnership, company or trust bank accounts, if you haven’t already, you’ll need to nominate a representative to share the data. The easiest way to check if you need to nominate a representative for any of your accounts is to head to the CDR Ready website and follow the prompts. 

Please note any bank accounts requiring a nominated representative will not appear during the Open Banking setup process if a representative has not been nominated.

When can you upgrade your bank feed to Open Banking?

Open Banking for QuickBooks customers will commence rolling out shortly, starting with the "big four" banks, commencing with Commonwealth Bank, followed by Westpac, NAB and ANZ. This will be followed by other popular banks and credit unions. We will invite you to upgrade your bank feeds as each bank goes live. 

This is just the beginning of a powerful new era for financial management using QuickBooks. We'll keep you updated as we roll out Open Banking to ensure you can take full advantage of these next-gen bank feeds for your business.

In the meantime, you can find more information in our FAQs.