Why new, upgraded Open Banking connections are great news for your business
Find out more about new Open Banking connections and what they mean for your business. We take a quick look at the changes, the regulations behind them — and the benefits to your business.
2 min read
New standards, better connections
QuickBooks’ upgraded connections have been introduced to comply with Open Banking regulations. Under the new rules, all UK-regulated banks must let 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.
Current standard bank feeds (sometimes known as screen scraping) are being replaced by a new type of direct feeds. If you’re a QuickBooks customer and have connected your bank, you’ll need to upgrade your bank feeds.
All your business finances in one place
When you can share financial data across platforms, you can see everything in one place. Connecting all your banks and credit cards to QuickBooks and every transaction can be seen in real time. That means no more guess work about cash flow and no need to juggle multiple financial apps. It’s all right there in QuickBooks. Just think of the time you’ll save.
Take control with security fit for the future
Upgraded bank connections allow you to share data and financial information without handing over any sensitive passwords or login details to anyone. Third-party providers, including financial management software providers like Intuit QuickBooks, will ask for your consent to access your banking info. A request will be sent to your bank where you log in and authorise the request and give consent to share your data. Banks are obliged to do this if you consent. And you’re always in control —it’s easy to withdraw your permission at any time.
It’s easy to check if a company you’re going to share your details with is authorised under the new regulations. Providers should make it clear on their website or app and list their registration number. You’ll be glad to know that Intuit QuickBooks was one of the first third party providers granted authorisation by the FCA (PSD 792934) – see for yourself.
Set up is easy and hassle free
It takes a matter of minutes to authorise an upgraded bank connection with QuickBooks. The connection lasts for 90 days before needing to be reauthorised. And the new experience will be an uninterrupted flow of accurate, reliable data in real time.
If you have any more questions about Open Banking, read our FAQs.
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