What is Open Banking?
Open banking is part of a new regulation that allows customers to share their financial information electronically, securely, and with permission that is confirmed every 90 days. Open banking offers enhanced speed, security and smart solutions to banking customers.
What is PSD2?
PSD2 is the Payment Services Directive, European wide legislation which sets out rules on how to retrieve your banking information. Open Banking is the standard which implements the PSD2 directive.
What is QuickBooks doing?
Intuit QuickBooks was one of the first companies to be registered as an Account Information Service Provider (AISP) back in February 2018. Our experience of financial data management has allowed us to work with key stakeholders in Open Banking to create a secure, reliable and simple experience for consumers. We are committed to delivering only the highest quality solution to our customers.
Are the Open Banking data-feed available to all customers?
Yes, Open Banking is available to QuickBooks Online and Self-Employed customers.
What are the benefits of Open Banking?
For Small Business and Self Employed
- Fast, easy and secure set-up in less than one minute
- See all your business finances in one place
- Save time & hassle with synchronised solutions
- Manage your cash flow with real-time data and future forecasting
For Accountant and Bookkeepers
- Instant, up-to-the minute view of your clients' business finances
- Richer data & insights to provide your clients with advisory services
- Save time chasing clients for their statements
For existing customers
- Simple and seamless upgrade experience
- More accurate, reliable and uninterrupted bank feeds
- Real-time reconciliation to see an up-to-date view of all your business finances in one place
- Smarter cash flow management
Will I have to sign into my bank to add my bank connection?
Open Banking puts you in control of your data, allowing you to share information more easily with companies like QuickBooks. To do this you will be re-directed to sign in to their website and give permission to allow the new connection. Once you give permission, we get your data into QuickBooks.
Is historical data available?
Yes, customers can retrieve up to 24 month’s historical data with Open Banking when connecting their accounts for the first time. The amount of historical data that is available may differ between banks.
How long will it take for my transactions to be shown in QuickBooks?
Transactions will automatically refresh in QBO every 24 hours. If you press Update it will retrieve any new transactions that are available in real-time.
Do I need to be the account holder to upgrade the connection?
Yes. You need to log in and authenticate the new connection using your account holder credentials.
How long does the connection last?
You consent to a connection for 90 days. After that, you'll be invited to re-authorise the connection in the Banking page in QuickBooks.
If I change my online banking password, do I need to re-authenticate?
No you won't have to re-authenticate your password.
I am an accountant. Can I authorise the new feed on behalf of my client?
The authorisation of the new feeds can only be done by the primary account holder.
Why is my bank no longer available in QuickBooks?
Some banks may not be supported on Open Banking or the connection could not be established in time for the regulatory deadline.
We have sent a notice to our customers of cessation of bank feeds. This is taking place on a phased basis to allow our customers to transition to other arrangements. Please refer to your email communications from Intuit for further details.
What do I do in the meantime?
Continue to import your bank transactions using data uploads until your new connection is available.
Will it be supported in the future?
We are working closely with banks and financial institutions to provide Open Banking connections for as many banking products as possible.
Refer to this article for updates on new connections as they become available.
My bank is on Open Banking but not all my accounts can be connected?
Payment accounts (current account products, credit card, and some savings products) are generally available now under Open Banking.
Non-payment accounts (for example, fixed term savings and other products where you can’t pay money in and out whenever you wish) are not supported on Open Banking.
When I try to connect an account to Open Banking, I see a message ‘there are no valid accounts to connect’.
It could be you don’t have any valid accounts available on Open Banking, or you do not have the appropriate account privileges with your bank to share your information. Please contact your bank for further information.
I have accounts domiciled in the Channel Islands or Gibraltar, how does Open Banking impact my accounts?
The Channel Islands fall outside of the PSD2 directive, and therefore your bank is unlikely to provide Open Banking feeds.
Gibraltar is within PSD2, and you should be able to keep your existing or new feeds using Open Banking.