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Changes to the 90-day re-authorisation Open Banking rule in QuickBooks Online

by Intuit Updated 7 months ago

The Financial Conduct Authority (FCA) will be introducing changes to the Open Banking 90-day re-authentication rule for bank feeds. We'll break down what this means and answer frequently asked questions.

What's changing?

Starting from 30 September 2022, you'll no longer need to re-authenticate your bank connection with your bank every 90 days. This change aims to simplify and improve the re-authorisation experience.

What does this mean?

You will still need to provide your explicit consent with your bank when you first set up a new bank connection in QuickBooks Online or QuickBooks Self-Employed. However, on day 90, rather than re-authenticating the connection with your bank, you'll only need to re-confirm your consent with QuickBooks and we'll take care of the rest.

You can remove this consent at any time.

What happens next?

When your bank connection is ready to move across to the new reauthorisation experience, we'll notify you via email before the changes take place. We'll continue to remind you periodically via in-product messaging and email before your consent period expires.

Frequently asked questions

We will be rolling out the changes starting from August. We'll let you know 5 days before your bank is ready to change to the new consent experience.

Once the changes have taken place, your bank feed will stop updating new transactions and you'll be asked to re-authorise the connection. By doing this you'll automatically move to the new reauthorisation experience.

If you use QuickBooks Online, here's how to re-authenticate your bank account.

If you use QuickBooks Self-Employed, follow the onscreen instructions to re-authenticate your bank connection.

If you are unable to re-authorise the connection, try disconnecting and reconnecting the bank account in QuickBooks Online. If that doesn't work, follow these steps.

Before you disconnect your account, make sure you review all the transactions that QuickBooks Online already downloaded from your bank. This will prevent downloading duplicate transactions when you reconnect.

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