What is Open Banking?
Open banking is a new UK legislation that comes into effect on 14th September 2019. It's the practice of sharing financial information electronically, securely, and only when customers give their permission. Open banking offers enhanced speed, security and smart solutions to banking customers.
What will Open Banking mean to me?
- You'll own your transaction dataWith Open Banking, you can choose who gets access to your data. You can grant permission (or withdraw it) at any time.
- Products can be personalisedWhen you choose to share your data with third parties, you'll get a smarter service, including automated accounting and access to more customised lending or budgeting options.
- Connections will be saferOnce Open Banking goes live, you won't have to enter your online banking credentials on third party websites. Instead, you can securely grant permission to share data directly from your bank. You'll need to confirm this every three months.
- More clients, less stressOpen Banking data sharing means greater accuracy and efficiency for your practice. It means greater client confidence too. As soon as your client gives authorisation for direct feeds, their data will flow directly into QuickBooks. They’ll need to re-authenticate their instruction every three months.
- Easier accessForget time-consuming data pulls or manual uploads. Open Banking makes it easy to see historical transaction data in an instant, giving you a perfect view of your clients’ business.
- Becoming a trusted advisorAs well as automating the accounting process, Open Banking is a great opportunity for accountants to add value. Transaction records will be available in close-to-real time, so you can advise your clients on their business as it is today, not as it was in the past.
As part of Open Banking, QuickBooks is swapping current bank feeds with new Direct feeds. This will give more stable connection and improved security.
When these new feeds go live, you’ll see a banner on the Banking page and if you’re the Master Admin you’ll get an email from us explaining the steps you or your client needs to take.
We've put together a list of articles which may be helpful to you
Important information about your clients' bank feed (Accountants only)