AccountsIQ partners with Plaid Open Banking platform
AccountsIQ has partnered with Plaid Financial, a world-leading open banking platform, to streamline bank account connectivity. Customers can enjoy the speed and convenience of automated bank reconciliations combined with the reassurance of Plaid’s secure, encrypted connections.
This integration using Plaid provides a seamless connection, facilitating access to banks in the UK, Ireland and overseas for bank feeds, and providing API integration for payments and receipts. Users are presented with a simple workflow to enable them to set up and manage the connections to their banks, and to sync with their banks periodically for new transactions that will be imported into the system for reconciliation purposes. This secure integration is operated under a European Directive called PSD2 [Payment Service Directive 2] to ensure API access to statement data. Gavin McGahey, CTO of AccountsIQ explains:
“We’re delighted to have developed a seamless connection with Plaid that allows users to connect each bank account in their organisation to their local bank with statement feeds 4 times per day. These businesses will gain hugely from automated processing, real time reporting and improved liquidity from faster settlement times.”
“We decided to partner with Plaid because of their global Open Banking reach and regulatory approval in the key markets of UK, Ireland, mainland Europe and US. These markets are where our customers main trading entities and foreign subsidiaries are operating. We have been beta-testing our Bank Feeds functionality with multiple customers, over many months and we are confident it provides valuable benefits, alongside robust security and financial data controls.”
Gavin McGahey adds:
“AccountsIQ’s mission is to simplify how finance teams capture, process and report the results of their multi-location businesses. Our new Banks Feeds functionality will help remove manual reconciliation and aid the digitisation of finance functions everywhere. Frequent updates of actual bank positions also ensure finance leaders have more real-time data to help them make better decisions, faster.”
What is a bank feed?
A bank feed is an automated, secure, digital transmission of your statement transactions, from your bank directly into your AccountsIQ platform.
How will this help my business?
There are three main benefits to setting up automated, digital bank feeds:
- You save time. You don’t need to manually download files or manually enter data from paper statements.
- Your data is more accurate. You don’t need to worry about missing a transaction or entering it incorrectly. With AccountsIQ, bank transactions are automatically imported four times a day*, so you’ll have up-to-date information for a real time view of your finances.
- You can monitor activity and your month/period close will be quicker. You can quickly reconcile your bank transactions with transactions posted in AccountsIQ and identify any delayed or unusual transactions with your bank. That means less work at month-end and the option to perform bank reconciliations much more frequently – even daily – to ensure confidence in your cash position data.
Are bank feeds easy to set up in AccountsIQ?
We’ve made it as easy as possible with a new menu option called ‘Bank Feeds Set Up’. This allows users to download their bank statement transactions automatically from their bank into their nominated AccountsIQ entity bank account.
This data feeds the AccountsIQ automated bank reconciliation process, matching transactions and highlighting exceptions for review. Bank statement lines are automatically imported up to four times a day*. There’s also an option to perform immediate or ad-hoc feed refreshes.
How does AccountsIQ make the process secure and which banks are supported?
AccountsIQ Bank Feeds are powered by Plaid Financial Ltd, a world-leading open banking platform with secure, encrypted connections.
When you set up your bank feed ‘consents’, you are redirected from AccountsIQ, via Plaid, to your own bank to authenticate your identity.
There’s also a full audit trail covering the consents you’ve created, renewed and revoked, as well as transactions imported. Plaid open banking technology supports around 11,500 banks and financial institutions across the UK, Europe and USA.
Both AccountsIQ and Plaid Financial Ltd are registered with the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017.
*Depending on the bank.
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