Intuit QuickBooks Australia is the first accounting software firm in Australia to be accredited by the Data Recipient Accreditor at the unrestricted level and the third data recipient to be accredited overall.
Intuit QuickBooks’ customers will soon benefit from the instant transfer of their bank data into our software, after we became the first accounting software platform to be accredited by the Data Recipient Accreditor, a designated body of the Australian Competition and Consumer Authority (ACCC) for the Consumer Data Rights program in the banking sector, also known as open banking.
This is a landmark event that will reap rewards for our customers and their advisors. So what does it mean and how will it work?
What is open banking?
Open banking is a government- and regulator-led scheme that gives Australians greater control over how their financial and banking data is accessed and used, allowing them to securely share it with accredited third parties.
The first phase of open banking in Australia was launched on 1 July 2020, bringing much needed competition to the banking industry. Allowing every Australian to use their data for their own benefit is expected to begin a new era of improved customer choice and experience in financial services.
How does it work?
Open banking gives consumers access to, and the ability to safely transfer, their banking data to trusted parties.
What does Intuit QuickBooks’ accreditation mean?
Customers will be able to request the transfer of their financial banking data directly into their Intuit QuickBooks account. The data will appear instantly and securely, through application programming interfaces (APIs).
Intuit’s accreditation will save additional time – estimated at around eight to ten hours per week – as well as money and resources that are currently spent on financial management. All finances will now be in one place and up-to-date, allowing real time and simple cash flow management, with highly accurate future forecasting through richer insights.
It will improve management and forecasting of cash flow and save valuable time that can be better spent elsewhere on the business.
How is this different to what happens now?
At present, customers who want their banking data fed directly into Intuit Quickbooks must go through a largely manual application process. Once bank feeds are set up via this process, daily transaction data arrives around 24 hours later into Intuit Quickbooks.
As the multitude of possibilities of open banking become clearer, our customers can rest assured we will be at the forefront of the revolution, ensuring the best outcomes and offerings for users.
Watch this space for more information about how open banking will help your business to become more efficient and generate insights to help you make better business decisions.