Open Banking | New, real time connections

Open Banking - great news for your business

Upgrade your business to the strongest bank connection for real time cash flow insights and no more manual data entry.

Phone screenshot showing an overview of transactions in reconcilliation software

What is Open Banking?

Open Banking is a UK regulation that deals with the way banks handle your financial information. It means all UK-regulated banks must let you share your financial data with authorised third party providers, like QuickBooks. That means we can provide you with more advanced, personalised services and you can save hours on data entry.

What will Open Banking mean to me?

Small business or self-employed

Better cashflow insights

Easily integrate two years’ of bank transactions for richer insights, from overview dashboards to detailed reports.

Accurate, real-time data

Open Banking connections are regularly updated throughout the day, making reconciliation is easier and giving you complete visibility across your finances.

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.

Existing customer?

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.

Make a connection today

QuickBooks integrates with most of the major banks including Starling, Tide, Revolut and Monzo. Connect today for a full view of your finances and up to date insights.

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