Acquisition of Bankstream Will Improve Access to Bank Information in QuickBooks, Helping Small Businesses and Accountants Save Time
London, 10 October, 2016 – Intuit QuickBooks, the world’s leading online accounting software, today announced its acquisition of Bankstream, a company that provides direct connections between banks and accountants, and their clients’ data. Bankstream’s relationships with UK banks will provide QuickBooks users with a direct connection to their accounts.
“Bankstream’s strong relationships with financial institutions will help our small business and accountant customers save time when accessing bank information and improve how they manage their finances with QuickBooks,” said Dominic Allon, Vice President and Managing Director, Intuit Europe. “This gives QuickBooks users the most complete picture of their financial information so they can make informed decisions about their business.”
“Intuit recognised the value of Bankstream’s relationships that will give customers an even better experience in having direct, secure and consistent access to their bank data,” said Frank Woods, Bankstream General Manager for UK and Ireland, who is joining Intuit’s UK organization.
Intuit plans to integrate direct bank feeds into QuickBooks, providing more reliable connections and automatic updates between a customer’s bank account and QuickBooks. The integration will be coming soon and access to the bank feeds will be free to users. Until then, customers can continue using standard bank feeds, which connect them to nearly all UK banks and credit card providers through secure use of online banking credentials.
Terms of the transaction were not disclosed.
About Intuit Limited
Intuit Limited helps small businesses manage their money, pay their employees and get paid faster while allowing accounting professionals to save time and grow their practices. The company’s flagship products in the UK include QuickBooks Online, QuickBooks Payroll, QuickBooks Self-Employed and QuickBooks Online Accountant. For more information visit www.quickbooks.co.uk
Intuit Limited is a company registered in England and Wales (Company No. 2679414) with registered address and principal place of business in 1 Cathedral Piazza SW1E 5BP London. Intuit Limited is a subsidiary of Intuit Inc.