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andrew051972
August 3, 2021
Question

Are open banking connections secure?

  • August 3, 2021
  • 1 reply
  • 0 views

Hi there

I'm thinking about connecting my bank account to Quickbooks via open banking.

 

Is it secure? I have to enter all my bank password and other credentials to set it up.

 

Regards, Andrew

1 reply

R
Ryan_M
August 3, 2021

Open banking for QuickBooks Online (QBO) is the standard that implements the Payment Services Directive 2 (PSD2). 

 

It's a secure way of downloading your transactions from your bank account into your QBO company. The first thing you can do is check if the bank account is available for open banking in QBO. Open this article for the complete list: Understanding if you can connect your bank feeds to Open Banking.

 

When you're ready to connect your bank account, follow these steps:

 

  1. Go to the Banking tab.
  2. Select Connect account.
  3. Search for your bank account. I suggest using its web address or URL to ensure it's the correct account, then press Continue.
  4. Tap Agree, then follow the on-screen prompts to proceed.
  5. Lastly, hit Connect.

 

Check out this article for more details about this process: Connect your bank feeds using Open Banking.

 

I suggest you view  this article for a list of common questions about open banking, along with their answers: Open Banking FAQs.

 

Tag me in a comment below if you have other questions about the banking process in QBO. I'll be around to help you out. Enjoy the rest of the day!

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