Open Banking is a joint effort involving 9 of the UK’s largest banks. In part Open Banking will allow account holders to share bank transaction information safely and securely with trusted third parties. Some of the key benefits to Open Banking are:
- No screen scraping and no need to entrust your bank login details to a third party.
- Direct to bank API connection, resulting in a more convenient and reliable service.
- Full control over who you share your data with and for how long.
- Refresh when you want without needing to provide a code each time.
So far we have switched around 300 accounts over to Open Banking feeds and continue to test the infrastructure as we move towards making this service generally available.
If you bank with any of the above listed providers we would be more than happy to include you on our beta testing programme. We are particularly keen to engage with customers of NatWest and Nationwide, so if you’d like to switch over to an Open Banking feed please send a private message to @QFSupport and we’ll provide you with some further instructions.
The future of Open Banking
Open Banking is not just about data feeds, it will soon become possible to preview your active direct debits, standing orders and even initiate payment requests directly from your accounting software. These new integrations will present interesting and powerful workflows to help you manage your business finances.
If you have any questions about Open Banking please don’t hesitate to get in touch.