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

We’re delighted to announce Open Banking bank feeds are now available in QuickBooks. These secure, next-generation bank feeds will unlock real-time financial insights - and best of all, these powerful bank feeds are included as part of your QuickBooks subscription.

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 you’re connected to begins offering Open Banking feeds in QuickBooks.

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, when you’re invited to upgrade, a notification similar to the example below will appear on your 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 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.

Connecting an Open Banking Feed

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, you’ll need to nominate a representative or delegate to share data. This is an Open Banking security measure and is typically done through your bank’s online banking portal.
• Input your ABN/ACN: During the connection process, you’ll be prompted to input your Australian Business Number or Australian Company Number. This verifies you’re a business owner.
• Verify Identity: You’ll be issued a one-time password to your mobile or via your bank’s app to complete the connection process. This is another security measure to keep your data safe.

For more detailed instructions, you 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 you. 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 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.