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How businesses benefit from Open Banking

17th Jun 2022
Brought to you by
AccountsIQ logo

Award-winning cloud accounting software for multi-company businesses.

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AccountsIQ users enjoy the speed and convenience of automated bank reconciliations using our Plaid integration. This connection facilitates access to banks in the UK, Ireland and overseas for bank feeds, and provides 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. 

AccountsIQ's Plaid integration allows users to connect each bank account in their organisation to their local bank with statement feeds 4 times per day. These businesses benefit from automated processing, real time reporting and improved liquidity from faster settlement times, with robust security and financial data controls.

At AccountsIQ our mission is to simplify how finance teams capture, process and report the results of their multi-location businesses. Our Banks Feeds functionality helps remove manual reconciliation. 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.

Still have questions?

Take a peek at AccountsIQ accounting software designed for accountants by accountants.

Download our Bank Feeds information Sheet or contact our cloud accounting experts to request a callback from Sales.

Watch an Online demo of AccountsIQ