Open banking 90 day authentication

Open banking 90 day authentication

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Wondering if anyone has heard from their bookkeeping providers as to when they plan on dropping the 90 day strong authentication requirement?

QB online have been silent, I don't know about any others.

This link states they want providers to action as soon as possible after 26th March and certainly before 30 September. https://www.fca.org.uk/firms/strong-customer-authentication

and https://www.openbanking.org.uk/news/fca-update-guidance-on-90-day-strong...

I have a case of ice cold Nyetimber chilling in the cellar for when this daft requirement ends. Having to get 140 + clients to reauthorise every 90 days is making me old.

Replies (9)

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By SXGuy
22nd Apr 2022 17:07

Having to get hundreds of clients to re authorise every 90 days was my main concern with mtd for income tax but luckily that's not gonna be an issue now.

I don't know when they will start to bring in the removal, I'm assuming it will be down to the individual banks to switch over rather than the software companies delaying it.

With most now I don't bother using it anyway, far easier to import a bank statement in csv

Thanks (1)
Replying to SXGuy:
By Charlie Carne
28th Apr 2022 13:40

How can it be easier to import a CSV than to have a direct bank feed?

With the former, you (or the client) need to log into the bank, navigate to their transaction download page, choose the relevant dates (making sure that you neither overlap previously imported data or miss out any intervening dates), download the csv, open it to check that it has the correct data, log into QBO or Xero, upload the CSV, map the columns, upload and then check the bank feed to ensure that every transaction has come in and that you've correctly set the income and payments columns (I have accidentally mis-mapped the CSV columns in the past and had to delete and start again!).

With a direct bank feed, you just re-sync the link once every 90 days. That replaces ALL of the processes in my previous paragraph. Thereafter, the processing of the bank transactions is exactly the same for either method.

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By Catherine Newman
22nd Apr 2022 19:38

Some of my clients use Quickbooks online and the output is awful. Turn bank feeds off. Go to the account in Chart of Accounts. Click Edit and turn bank feed off. You can then use your knowledge of book-keeping and make your life easier.

I get the clients to email the bank statements in pdf. I call them up on my ipad and input into Quickbooks on my PC. Saves paper. Saves time.

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Replying to Catherine Newman:
By Charlie Carne
28th Apr 2022 14:12

If you genuinely believe that manually keying in bank data from a PDF is quicker than using the bank feed, then you don't understand how the bank feed works. I can process hundreds of transactions an hour via the bank feed versus tens of transactions an hour manually.

If you don't believe me, tell me how you'd react if someone told you that spreadsheets were a waste of time and they could use a piece of paper and a slide rule more efficiently. They'd be wrong and you'd be right to explain why they are wrong.

I wonder if your aversion to the bank feed is due to clients mis-coding bank transactions or mis-using the bank rules. Not understanding how to use a tool does not mean that the tool is useless.

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By johnhemming
23rd Apr 2022 12:13

I don't think the AISPs have to do anything. It is an issue for the ASPSPs (the banks).

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John Toon
By John Toon
26th Apr 2022 10:24

The banks control the roll out of the new 90 day authorisation rules not the software companies or 3rd party providers. So far I haven't seen any changes come through from any of the high street banks, which isn't surprising, or any fintechs, which is surprising.

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By agillies
28th Apr 2022 11:12

Looks like from October is more likely in practice
https://thepaypers.com/digital-identity-security-online-fraud/obie-agree...

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By Barry Adams
28th Apr 2022 12:12

FreeAgent have sorted for Nat West/ Mettle bankers

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Replying to Barry Adams:
RedFive
By RedFive
28th Apr 2022 12:27

Thanks Barry, what is the process now?

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