Open Banking
In October 2015 the European Parliament adopted a revised Payment Services Directive, abbreviated to “PSD2”.
The new rules aim to encourage development and use of, innovative online & mobile payments facilities through the “open banking” innitative.
Open Banking changes the way accounting software like QuickBooks Online connects to your bank to import transactions.
Introducing Open Banking Feeds QuickBooks UK Video
Information About Open Banking & QuickBooks Online
Open Banking regulations have been introduced in the UK.
In line with these regulations, QuickBooks is upgrading its bank feeds. Existing connections will be switched off and replaced with a more stable process which will give you a better experience.
Once these new feeds are ready, T4 will ask you to log in into QuickBooks and authorise the new feeds. This will allow your data to keep flowing into QuickBooks without interruption.
The new feeds will give you more control, improving the process and making it more secure.
Please note, for security reasons, the connection will need to be re-authorised every 90 days.
If you have further questions about Open Banking, please contact us.
The T4 Team
Open Banking Useful Links
QuickBooks UK has a useful page with more information about “Open banking“
QuickBooks UK also have a blog post about “Open Banking”.
Further information is available from QuickBooks UK in the “community” section of their website, Open Banking FAQs.