Open Banking is set to modernise the accounting sector with seamless integration between the UK’s largest banks and software providers such as FreeAgent. Eligible FreeAgent users, including clients who get the software through their accountants, can now switch to Open Banking bank feeds. Not only will the Open Banking bank feeds provide clients with an easier way to stay on top of their bank reconciliation, it will also give accountants access to their clients' most up-to-date banking data every single day - allowing them to focus more on providing value-added services to clients.
Previously, many of the bank feeds in FreeAgent were delivered via custom integrations with the banks or via Yodlee, a third-party feed provider. While these worked well for the most part, some users experienced reliability issues.
The introduction of new Open Banking regulations has meant that new bank feeds are now available. These feeds offer improved reliability and security, and FreeAgent has been working hard to make these available for their users.