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Open Banking Changes - 90 Day Limit

What are other peoples thoughts on the Open Banking changes that are now being implemented

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Hi

I have just had my first client required to reconnect their QuickBooks bank feed due to the Open Banking changes. I hadn't appreciated that this change would require the client to reconnect their bank feed every 90 days. A have a number of clients who are happy for me to deal with their bookkeeping/VAT returns on their behalf and don't log in to QuickBooks very often. Having to ask them to reconnect their bank feed every 90 days seems overly burdensome. I would be interested to know anyone elses thoughts, and whether anyone has come up with a good way to deal with the issue.

Thanks

Chris

Replies (11)

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By Cloudcounter
25th Oct 2019 11:09

We haven't got to the 90 day renewal stage yet for any clients but it's a pretty fair bet that it is going to cause problems for some jobs.

We'll have to see if the client can set us up with read-only access to their online banking so that we can refresh the feeds ourselves. Other than that, there are going to be regular phone calls to chase them up.

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Replying to Cloudcounter:
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By chrisacc1985
25th Oct 2019 17:50

Thank you for your response. I hadn't thought of setting up read-only access, and that would solve the issue if the clients are happy to do this.

Given how prevalent bank feeds have become, this seems like a poorly thought out piece of legislation. I appreciate the need to help people/businesses control their confidential information, but it would seem sensible for bank customers to at least have the option to set up feeds for 12 months+ if they wished.

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Replying to Cloudcounter:
AS
By AS
28th Oct 2019 11:23

We have tried this with HSBC but it seems that only an admin user can reconnect so having read only access will not work for HSBC. I do not know if other banks have similar issues.

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Replying to Cloudcounter:
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By johnt27
28th Oct 2019 17:30

Read only access won't work as someone with authority (ie signatory) needs to provide the re-approval to refresh the openbanking feeds.

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By Moonbeam
25th Oct 2019 17:30

Thank you for posting about this. It's news to me. It sounds like a pain and surely will be.

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By Moonbeam
25th Oct 2019 17:30

Thank you for posting about this. It's news to me. It sounds like a pain and surely will be.

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RedFive
By RedFive
26th Oct 2019 11:33

Yes we are dealing with this now.

115 clients on QBO with bank feeds and only about half who regularly log in themselves to view info or issue sales invoices. Even then the bank feed is alien to them as we post everything.

The 90 day renewal is going to be a right pain.

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Replying to RedFive:
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By chrisacc1985
26th Oct 2019 12:48

The other pain is that as QuickBooks will only bring in bank transactions from the last 90 days, if the bank isn't updated within those 90 days then there will be periods that the bank feeds miss.

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By JD
26th Oct 2019 16:41

The ninety day consent / renew connections seems to be regulatory requirements rather than something the software companies have come up with. Does anybody know if you can opt to not update to open banking.

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By johnt27
28th Oct 2019 17:41

The 90 day re-authorisation process was relatively well publicised, particularly as it was shortened from the original 180 days proposed timetable. Certainly the information put out by Xero highlighted this.

The customer experience guidelines for openbanking require the re-authorisation process to be as streamlined as possible. So, in theory, this should less painful that getting feeds up and running, which for certain of our clients has been a challenge!

As for not using openbanking feeds - anything that doesn't comply with the new laws on this will slowly mothballed. This depends on the banks as, non too surprisingly, some of their tech wasn't up to meeting the original deadlines and software providers have been hanging onto Yodlee feeds to maintain functionality. These are expected to go by the end of Q1 2020 but this deadline has been pushed back twice already!

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Julian Webb
By JulianWebb
20th Jan 2020 10:38

Hello

Yes I agree. My client logged onto Tide Bank but this connection only lasted a week. Its a real bind and I hope in the near future it is changed.

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