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The blurring lines between accounting and banking

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30th May 2018
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This year's Accountex was abuzz with Open Banking. And it's not just a catchphrase: millions have been spent and some businesses are staking their entire existence on it.

Open Banking is a standardised, secure way to give third parties access to your financial information. And, critically, it returns ownership of your financial data to you. If you want to share your business's data with another party, that's your right.

This has got a lot of people excited. "Get ready for a world of apps and websites," reads Open Banking's official website, "where you can choose new financial products and services from providers regulated by the Financial Conduct Authority."

We don't yet know where this is all headed, but one good guess is a far closer integration between accounting and banking products.

With RBS' acquisition of FreeAgent or the advent of an 'accounting bank' like CountingUp, this trend is looking likely.

So AccountingWEB did its own investigation into the trend. We spoke to different banking stakeholders to find out what's happening - and what's next.

 

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By johnjenkins
31st May 2018 10:14

I have said this before and I'll say it again. We are becoming a world of "high techies" and "low techies" where the "high techies" have no time to want the "low techies" to play catch up cos they are looking to advance technology even more. This is too much too quickly and will end in disaster. What happens if/when the internet crashes big time? We've already had an asda store not being able to sell food for a few hours cos the tills went down. I always embrace new technology but it's getting silly.

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