By PaperRocket Accounting, Feb 20 2019 02:27PM
PaperRocket Accounting partners FreeAgent have announced that they have become the first UK accounting software to offer direct bank feeds via the Open Banking platform.
What is Open Banking?
Open Banking came into force back in January 2018, and was a series of reforms to how banks deal with your financial information. It means that all UK regulated banks must let you share your financial data (essentially bank, savings or credit card statements) with authorised providers offering budgeting apps (provided you give your permission of course).
It was called for by the competition watchdog the Competition and Markets Authority (CMA) as a way to bring more competition and innovation to financial services, hopefully leading to an increase in better products to help everyone manage their money.
Open Banking is by no means compulsory. Whilst banks must allow your info to be shared if requested by you, you do not have to request it, and you must expressly give permission to the third party. It goes without saying that you must be careful about who you share your data with, and you’ll only be protected by your bank if something goes wrong if you have given permission to an authorised company.
FreeAgent takes the lead
FreeAgent have just announced that they are now officially the first UK accounting software to comply with Open Banking. They are currently testing it with a select group of Natwest, RBS and Ulster Bank users, with it being rolled out to other users later this year.
What does this mean for FreeAgent users?
Once rolled out, the immediate benefits will be:
• A more secure bank feed
• A more reliable bank feed
• The ability to access up to 6 years of historical transaction data (dependant on the bank).
In the long term, this will mean that payments will be able to be created and initiated from within FreeAgent. If you login to your FreeAgent account and see that a bill is due, you won’t have to faff about separately logging into your bank to make that payment, but instead will be able to carry it out within your own FreeAgent account. You will also be able to share your bank details with authorised online services and apps to assess whether a service is suitable for you.
Here at PaperRocket, we are excited to hear this news, and are proud to work alongside FreeAgent, offering a subscription for their services to all our clients as part of their monthly fee.
PaperRocket Accounting provide accounting and tax services to professional contractors and freelancers working in the UK.
We offer our clients a flexible choice of fixed fee monthly packages which cover all of their accounting and tax needs (so no hidden costs or surprise bills!). All of our accounting packages include a monthly subscription for a cloud accounting software subscription provided by the awarding winning FreeAgent.
Each of our clients is given their own dedicated qualified accountant with unlimited access in person, telephone, or by email.
We pride ourselves on our client satisfaction and customer service and were shortlisted as 'Welwyn Hatfield Business of the Year 2018' in the SME Hertfordshire awards, 'Small Practice of the Year 2016' in the AccountingWEB practice excellence awards, as well as FSB Hertfordshire Service Excellence finalists in 2015 and 2016.
To find out how we can help you please get in touch now.