What is Open Banking?
With the introduction of Online Accounting, businesses have been given more clarity on their day to day accounting than ever before, but there have been issues with getting up to date information from Banks.
From 14 March 2020, Open Banking regulations will mean that banks and building societies will have to provide a standard secure way to give authorised providers access to your financial information.
This means that businesses using online accounts software will no longer need to pay charges to import data into their online accounts software, or use third party aggregation sites to obtain the data. The new open banking feeds available will be free of charge and will provide a level of openness of account information not seen before. To ensure the system remains secure, those who opt into Open Banking will be required to re-certify every 90 days to keep the feed up to date.
For further information on Open Banking, please contact Andrew Kershaw on 023 8046 1245.