Open Banking | Strong Customer Authentication
Introducing Open Banking
There’s a brighter future for banking on the horizon. Open Banking is the practice of sharing financial information electronically, securely, and only when customers give their permission. Open Banking offers enhanced speed, security and smart solutions to banking customers. It puts you in control of your data, allowing you to share information more easily with companies like QuickBooks.
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.
When is it happening?
- Revised Payment Services Directive (PSD2) announced by the new Payment Services Regulation.
- Banks given 18-months deadline to provide secure access to personal and business current accounts to authorised parties.
- QuickBooks obtains licence to qualify for authorised third party status, preparing for the changes.
QuickBooks finalises secure connections to banks via their Open Banking APIs.
Spring / Summer 2019
QuickBooks to launch direct feeds to all customers. You’ll be notified in advance so that you can authorise or re-authorise the established connection.
- Strong Customer Authentication comes into effect as part of the Revised Payment Services Directive (PSD2).
- Banks will allow access to extended customer data via regulated third parties.
- More competition will result in a larger choice of financial products.
- Screen scraping will be completely replaced by new direct feeds.
QuickBooks is getting ready
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.
Watch this space to learn about new bank connections in QuickBooks. In the meantime, if you have any questions about Open Banking, please contact our customer care team.
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