Intuit QuickBooks said on Wednesday it is the first accounting software provider in Australia to attain this status, and the third overall data recipient to be accredited - meaning its customers will be able to access, and safely transfer their banking data in real time to Intuit QuickBooks through application programming interfaces (APIs).
“At present, customers who want their banking data fed directly into Intuit QuickBooks must go through what is largely a manual application process. That involves a time lag between setting up the bank feed and the arrival of the data into a customer’s account,” Intuit QuickBooks said.
“Whether customers manage their business finances themselves, or get professional help, Intuit’s accreditation will help save valuable time and money currently spent on financial management. All finances will now be in one place and up to date, allowing real time and simple cash flow management, with highly accurate future forecasting through richer insights.
“With the introduction of Open Banking to Intuit QuickBooks customers, it is forecasted that the percentage of customers whose data is fed directly into QuickBooks from their banking provider could rise by up to 100%. Currently, less than 70% of Intuit QuickBook’s transactions are auto-reconciled through bank feeds.”
According to Intuit Quickbooks, the accreditation marks a significant milestone for Open Banking in Australia, a government and regulator-led scheme that gives Australians greater control over how their financial and banking data is accessed and used, allowing them to securely share it with accredited third parties.
Steve Kemp, Head of Financial Institutions Partnerships APAC and Emerging Markets, Intuit QuickBooks Australia, said of the news:
“We’re thrilled to let our customers know that we are the first software accounting company to be accredited in Australia for Open Banking. Intuit QuickBooks is constantly looking for ways to support both our small business and advisor communities, and this milestone achievement will empower them to do just that – improve cash flow management and forecasting, and importantly save valuable time that can be better spent elsewhere on the business,” said Steve Kemp, Head of Financial Institutions Partnerships APAC and Emerging Markets, Intuit QuickBooks Australia.
“As the multitude of possibilities of Open Banking become clearer, our customers can rest assured that we are at the forefront of the revolution, ensuring the best outcomes and offerings for them.”
Intuit Quickbooks notes that the first phase of Open Banking in Australia - “a transformative movement in the global financial industry” - was launched on the 1 July 2020, “bringing much needed competition to the industry”.
“By allowing every Australian to easily and safely use their data for their own benefit, we anticipate a new era of improved customer choice and experience in financial services,” Intuit Quickbooks said.