The transition to Open Banking

Category: Amber Accounting - Posted On: Dec 20 2019

There have been recent changes within banking to standardise the way data can be accessed from different bank accounts in one place, including the introduction of Open Banking.

Launched in 2018, Open Banking has transformed the way you bank online by offering more up to date bank feeds from banks into accounts systems, for example Xero or Quickbooks.

In order to maintain data flow from banks into accounting packages, it is necessary to refresh/re-establish the connection of the feed into the accounts package.

Whilst in most cases, this has been completed successfully, we have found a number of cases where the feed has failed to reconnect or starts to bring in some duplicate information.

When connecting your Open Banking feed in your accounting software for the first time, you will be asked to confirm which bank you are connecting to, so it is important to make sure you select the correct bank account to avoid the new feed connecting to the wrong account, or creating a duplicate bank account.

During the period of transition, we would recommend that you periodically check your bank statements in your accounts package to your actual account balance in your bank account to ensure that the bank feed is working correctly and that there are no issues. However, if our Amber Accounting team submit your financial data for you – you don’t need to worry as we will keep you informed of any possible problems.

Should you have any queries regarding your Open Banking, please email our Amber Accounting team or call 01382 312140/01307 474274.