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Open Banking FAQs

SOLVEDby QuickBooksQuickBooks Online152Updated December 30, 2021

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.

More frequently asked questions

Yes, Open Banking is available to QuickBooks Online and Self-Employed customers.

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 and 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 and 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.

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 redirected to sign in to their website and give permission to allow the new connection. Once you give permission, we get your data into QuickBooks.

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.

Transactions will automatically refresh in QBO every 24 hours. If you select Update it will retrieve any new transactions that are available in real-time.

If you exclude the transaction, and then delete it from the excluded section, it will reappear when you download the bank transaction because QBO has no record of it. If you want it to stop reappearing, you need to Exclude it and leave it in the excluded section. You can assign it to their bank register so it becomes a recognised transaction.

Yes. You need to log in and authenticate the new connection using your account holder credentials.

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 your bank connection has expired and you are unable to re-authorise the connection, please follow these steps to get your QuickBooks back up and running.

If you get an error while connecting to your bank, check out the Open Banking connection errors page for more information.

No you won't have to re-authenticate your password.

The authorisation of the new feeds can only be done by the primary account holder.

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.

Continue to import your bank transactions using data uploads until your new connection is available.

We are working closely with banks and financial institutions to provide Open Banking connections for as many banking products as possible.

Refer to the article: Understanding if you can connect your bank feeds to Open Banking for updates on new connections as they become available.

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.

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.

See common Open Banking connection errors and how to resolve them.

The Channel Islands fall outside of the PSD2 regulation, and therefore your bank is unlikely to provide Open Banking feeds.

Gibraltar is within the PSD2 regulation and you should be able to keep your existing or new feeds using Open Banking.

Simply put, the framework used by some UK financial institutions to provide bank feeds were implemented under EU regulations. These financial institutions are now moving to a different framework to provide the bank feeds after 1 January 2021.

As part of this, some QuickBooks Online and QuickBooks Self-Employed customers may need to re-enter their credentials between now and 31 December 2020. But don't worry, you'll be prompted to do so when the time comes.

We are working hard to prevent any loss of connectivity for UK banks. If your account is impacted by Brexit, you'll be notified if your bank feed will be temporarily unavailable from 1 January 2021.

To help you prepare while you wait for your bank feed to be reinstated, here's how you can import your bank transactions into QBO, and download your transactions into QBSE.

Check out our FAQ and VAT page to learn more about Brexit and how it may affect your business.

No, as foreign currency transactions aren't converted to GBP in QuickBooks. You can link accounts that use the same currency, such as a GBP account to a GBP COA, USD account to a USD COA, Euro account to a Euro COA. Any other foreign transactions will come through as the account default.

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