Is your accountant ready for Open Banking? Some larger, small business accountants have revealed that their software won’t be compliant with the new regulations. This could have a profound impact on their contractor and freelancer client base. Firms such as Wave have also announced that they’ll not be building any further software – beyond their current bridging solution – for Making Tax Digital. It’s likely that they’re not the only ones. So, it’s vital that you contact your provider to make sure they’re prepared for any changes.
The regulations will only cover payment accounts. This excludes things like ISA’s or fixed rate savings accounts. The customer’s always in control of who has access to their account data, and for how long.
AISP FCA registered providers are able to import up-to-date banking information direct to the accounts of consenting clients of the participating banks. Often referred to as the CMA 9, these banks account for over 90% of the UK’s consumer and small business bank accounts. They include:
FreeAgent are also at the forefront of the Open Banking regs. Their software is now linked – through Open Banking – to the nine biggest banks in Britain. FreeAgent can now provide those banks’ customers with greater financial visibility, with data flowing straight into their accounts.
You’ll enjoy high levels of integration between ourselves and your banking service. Thanks to our close association with FreeAgent, we’re perfectly placed to help you make the most of Open Banking.
The technology also includes an easy-to-use app. This allows you to track your income and expenses direct from your smartphone. You can also record business transactions on the go. With FreeAgent, everything you input is secure. It’s automatically stored in the cloud and is available to your accountant. And, with so many of our clients already making the most of this technology, the transition to Making Tax Digital is easy.
WHAT IS OPEN BANKING?
Open Banking aims to introduce smooth integration between the country’s largest banks and software providers. Set up by the Competition and Markets Authority (CMA), Open Banking aims to increase competition in the financial marketplace. From September this year, the UK’s largest banks and building societies must allow regulated businesses to have access to the financial data of their customers. This is, of course, under the proviso that they’ve received the permission of their customers.The regulations will only cover payment accounts. This excludes things like ISA’s or fixed rate savings accounts. The customer’s always in control of who has access to their account data, and for how long.
AISP FCA registered providers are able to import up-to-date banking information direct to the accounts of consenting clients of the participating banks. Often referred to as the CMA 9, these banks account for over 90% of the UK’s consumer and small business bank accounts. They include:
- AIB Group UK
- Bank of Ireland (UK)
- Barclays Bank
- HSBC Group
- Lloyds Banking Group
- Nationwide Building Society
- Northern Bank Limited
- The Royal Bank of Scotland Group
- Santander UK
‘AT THE FOREFRONT OF OPEN BANKING’
FreeAgent is an award-winning, online accountancy tool. It provides instant, real-time access to your business’s finances. It was recently voted the UK’s number one for small business accounting software. As we announced back in the spring, Danbro are now a Platinum Partner of FreeAgent. As well as having the opportunity to provide regular feedback to FreeAgent’s key decision makers, the partnership continues benefit all our clients. The cloud-based software allows you to manage money on the move, with free access to a wealth of tools and applications.FreeAgent are also at the forefront of the Open Banking regs. Their software is now linked – through Open Banking – to the nine biggest banks in Britain. FreeAgent can now provide those banks’ customers with greater financial visibility, with data flowing straight into their accounts.
You’ll enjoy high levels of integration between ourselves and your banking service. Thanks to our close association with FreeAgent, we’re perfectly placed to help you make the most of Open Banking.
YOUR CLOUD ACCOUNTING SPECIALISTS
At Danbro, we’re experts in cloud-based accounting. The FreeAgent software is worth £348 per year, but for three years we’ve given you the option to use it for free. It provides a user-friendly way to manage invoices, banking, expenses, project management, time tracking and tax forecasting.The technology also includes an easy-to-use app. This allows you to track your income and expenses direct from your smartphone. You can also record business transactions on the go. With FreeAgent, everything you input is secure. It’s automatically stored in the cloud and is available to your accountant. And, with so many of our clients already making the most of this technology, the transition to Making Tax Digital is easy.
JOIN TODAY
There’s more information about our FreeAgent software on our website. To make sure you’re prepared for Open Banking and Making Tax Digital, switch to Danbro today. It’s swift, simple and stress-free. Call 01253 600 150, or get in touch online now. Blog written by
Sam Wright
Sam Wright is Danbro’s Marketing Manager. He produces regular content and feature articles on our digital and non-digital channels – and social platforms – for the Danbro Group and its subsidiaries, as well as having responsibility for the Company’s internal and external communications.
His background is in Journalism and Creative Writing, having previously contributed to publications such as The Daily Post, The Lancashire Evening Post, and The Blackpool Gazette.
He is a keen swimmer and avid Manchester United fan (but don’t hold that against him), and he lives in Lancashire with his wife, Sarah.
