The Australian Competition and Consumer Commission (ACCC) has now accredited Intuit QuickBooks Australia as an accredited data recipient of consumer data right in the banking sector.
Open banking allows major bank customers to give permission to accredited third parties to access their savings and credit card data in a move that is expected to enable customers to search for a better deal on banking products or to keep track of their banking in one place.
The accreditation will allow users to access and safely transfer their banking data in real time to Intuit QuickBooks through application programming interfaces (APIs).
At present, customers who want their banking data fed directly into an accounting software provider must go through what is largely a manual application process. That involves a time lag between setting up the bank feed and the arrival of the data into a customer’s account.
“We’re thrilled to let our customers know that we are the first software accounting company to be accredited in Australia for open banking,” said Intuit QuickBooks head of financial institutions partnerships APAC and emerging markets, Steve Kemp.
“Intuit QuickBooks is constantly looking for ways to support both our small business and adviser communities, and this milestone achievement will empower them to do just that — improve cash flow management and forecasting, and importantly, save valuable time that can be better spent elsewhere on the business.
“As the multitude of possibilities of open banking become clearer, our customers can rest assured that we are at the forefront of the revolution, ensuring the best outcomes and offerings for them.”
The ACCC’s accreditation of Intuit comes after it approved Regional Bank Australia and Frollo, a finance and budget management fintech.
Consumer data right was launched on 1 July and is set to be implemented in the energy sector next, allowing individuals to transfer data from their existing energy provider to a prospective provider or product comparison website for an accurate quote.