Open Banking | Strong Customer Authentication
Introducing Open Banking
Big changes in banking mean individuals can share their financial information more easily and more securely.
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.
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.
As part of Open Banking, QuickBooks is swapping Standard feeds with new Direct feeds. This will give more stable connection and improved security.
When these new feeds go live, you’ll see a banner on the Banking page and if you’re the Master Admin you’ll get an email from us explaining the steps your client needs to take. If you'd like to use our email templates to explain the process to them, you'll find them in the My Marketing Portal.
It’s a good idea to contact your client as soon as possible so that they’re ready for the change and don’t lose their connection. Standard feeds will be disabled after a grace period, but it will be possible to pull in any lost data.
Open Banking information for businesses
Want to learn more about Open Banking feeds?
Need help with your bank connection? Visit our Community, log in to QuickBooks to request a callback or chat with our experts.Check out our FAQs
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