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Moderator

Open Banking

Introducing Open Banking

There’s a brighter future for banking on the horizon. Open Banking is 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. It puts you in control of your data, allowing you to share information more easily with companies like QuickBooks.

 

What will Open Banking mean to me?

 

Small business or self-employed

 - You'll own your transaction data: With Open Banking, you can choose who gets access to your data. You can grant permission (or withdraw it) at any time.

Products can be personalised: When 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 safer: Once 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.

 

Accountant or Bookkeeper

More clients, less stress: Open 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 access: Forget 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.

Become a trusted advisor: As 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.

 

Open banking community.png When is it happening?

 

Early 2018
  • Revised Payment Services Directive (PSD2) announced by the new Payment Services Regulation.
  • Banks given 18-months deadline to provide secure access to personal and business current accounts to authorised parties.
  • QuickBooks obtains licence to qualify for authorised third party status, preparing for the changes.
Early 2019

QuickBooks finalises secure connections to banks via their Open Banking APIs.

Spring / Summer 2019

QuickBooks to launch direct feeds to all customers. You’ll be notified in advance so that you can authorise or re-authorise the established connection.

 
Autumn 2019
  • Strong Customer Authentication comes into effect as part of the Revised Payment Services Directive (PSD2).
  • Banks will allow access to extended customer data via regulated third parties.
  • More competition will result in a larger choice of financial products.
  • Screen scraping will be completely replaced by new direct feeds.

 

We'd love to hear your thoughts in the comments below! 

 

 

 

 

 

18 REPLIES 18
Moderator

Re: Open Banking

I'll be updating this article with any further updates we get.

 

Thanks! 

Level 1

Re: Open Banking

Older generation clients will be nervous about this. If we/they do nothing, does that mean the client is not participating in OB? Is it possible to do nothing (i.e. 'opt out')? Can we see the benefits of OB on a video somehwere?. Thanks! 

QuickBooks Team

Re: Open Banking

Hi Peter Hall,

 

The open bank feed will replace all of our current standard feeds by Autumn with a new seamless direct feed. As the connection only needs re-authorising every three months, this will save time and remove a lot of errors customers currently face when having to manually update the standard feeds, which requires regularly updating with their banks login details. As always banking will remain an optional part of QuickBooks and the open banking connection will only be established if the client chooses to authorise this.

 

We don't have any videos on this just yet but be sure to keep checking this page or our product updates here for the latest!

 

 

 

Level 2

Re: Open Banking

Hi Georgia,

 

What about with direct bank feeds where at the moment once they have been set up no manual update is needed. This will surely be worse under open banking as re-authorisation will be needed every 90 days rather than never?

Also we use direct bank feeds for clients who do not have online banking. Does this mean under open banking these client will not be able to have bank feeds anymore?

 

Thank you

QuickBooks Team

Re: Open Banking

Hi Charlotte,

 

Thanks for your post. The open banking is only set to replace standard feeds when it comes into effect in September. Customers with direct feeds will not need to switch to the open bank feed at this point, but eventually all feeds will be replaced by open banking. Under PSD2 guidelines payment data can only be accessed for 90 days, after which customers need to re-authorise permission - however this should be a quick process. You can read more about the enhanced security open banking brings on our guide here :)

Level 2

Re: Open Banking

We cancelled our direct feed and reverted back to updating when we required because the direct feed only brought through the previous days transactions and we regularly update in the afternoon for that mornings transactions. Are we not going to be able to do this come September?

QuickBooks Team

Re: Open Banking

you will still have the ability to manually upload transactions into your QuickBooks account when Open Banking is launched.

 

 

Level 1

Re: Open Banking

Not working yet. It says try in another few hours.
Level 2

Re: Open Banking

Not working yet?! You seem to have far more on offer than I have Phil! I foolishly signed up for QuickBooks and thought I’d wait until then one of the month (June) to get my direct feed set up, so my records aligned nicely with my year end. Somehow I missed the notice that direct feeds were being withdrawn, in anticipation of open banking, and now I:left waiting for the open banking connection being available, and having to do manual updates. :( Do you really mean you’ve got to wait a few more hours for an Open Banking feed? I’d not seen them be released yet, but am eagerly awaiting it! A

Moderator

Re: Open Banking

Thanks for joining in this thread, alex-b.

I can provide some updates regarding the Open Banking feature in QuickBooks.

 

We recently launched customer notification on the banking screen about the migration process to an open banking connection with your bank.

 

The notification will now show for RBS, Bank of Scotland, Santander, Natwest, Lloyds, Halifax, Barclays, and HSBC Personal. I've attached a screenshot below of what you should be seeing if you're using one of these banks.

 

z.PNG

 

Let's try to update your bank, here's how:

 

  1. On the next screen, click Update now.
  2. Confirm your connection by clicking Agree.
  3. Follow your bank’s steps to enter your login details and authorise QuickBooks to connect to your bank account.

For more details about the open banking feature, the following articles are good references:

 

For account discussion, feel free to reach out to our QuickBooks Online Support.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

I'm only a post away if you have any other banking questions. I'll be here to answer them for you.

Level 2

Re: Open Banking

That’s great, thank you for the quick response too! Sadly my bank is the business arm of one of those listed, but I’ll set up a standard feed to them initially, then hopefully I’ll get prompted to upgrade when it’s ready - I thought Open Feeds would be something separate, not as an upgrade. Thanks again, Alex
QuickBooks Team

Re: Open Banking

Thanks for getting back to this thread, @alex-b.

 

I appreciate you for following the information provided by my colleague. In the meantime, I encourage you contacting our QuickBooks Online Support Team to check your banking connection so you'll be able to connect with the Open Banking feature. 

 

You can contact our customer support through this link: https://quickbooks.intuit.com/uk/contact/

 

For future reference, you can always visit these articles to learn more about banking connections:

Please know that you're always welcome to post if you have any other concerns about the open banking. The Community will always here to help. 

Level 1

Re: Open Banking

When will there be a connection to Starling Bank?  I want to move my business banking over to them but there is currently no connection 

QuickBooks Team

Re: Open Banking

Thanks for dropping by jobrianti, the connection to Starling Bank is coming soon - you can refer to this article as we'll be updating when the feed becomes avaialbe. 

 

 

 

 

Level 1

Re: Open Banking

Why does Intuit require permission to access
 
QuickBooks Team

Re: Open Banking

Hi xero1

 

When you connect QuickBooks to your bank account your bank will only share the actual bank transactions in accordance with the open banking rules.

Level 1

Re: Open Banking

Hello John C,

 

"your bank account your bank will only share the actual bank transactions in accordance with the open banking rules."

 

Are you sure that's correct? Why do you need the extra permissions then?

 

Regards, Simon.

 


Intuit Limited, the makers of QuickBooks, needs your consent to access and gather the following data that you select from your accounts at this bank:

 
 
 
QuickBooks Team

Re: Open Banking

Hello Xero1

 

More information on the open banking connection can be found here

In order to set up the connection you authorise through your bank that Inuit will be able to access that information to make sure the connection works smoothly.It is encrypted at the same level as your bank it is purely so we can have a working connection without you having to repeatedly enter banking information into the product.

 

Emma