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Colin_Four_Ferry
February 24, 2020
Question

Did open banking affect the direct connect system

  • February 24, 2020
  • 1 reply
  • 0 views

Since the open banking regulation came in the need to re-sign in every 90 days has been a very real hassle. A lot of our clients don't use the system themselves and are not tech savvy so the idea of getting them to sign in to the bank every quarter is a bit of an issue.

 

we have one client who connects through the direct connect where the form was sent to the bank and this doesn't seem to need refreshed the way the other connections do, but now i can't see that option anymore when looking at making connections. i was hoping to move more of the clients to the direct connection as it seems more stable and doesn't need to be redone every 90 days but i can't see how i generate the form to sign and send off.

 

has the move to open baking disabled this feature and if so are there plans for a workaround as it is starting to cause issues.

    1 reply

    Rose-A
    Rose-A
    February 24, 2020

    Hi, Colin_Four_Ferry.

     

    QuickBooks are deploying the new Open Banking data-feeds in QuickBooks Online and providing customers a better, more reliable method to update their bank transactions. Before we can launch the new Open Banking data-feeds we will need to close down enrollments to the file-based Direct feeds.

     

    To avoid signing in every quarter, as a workaround, you can connect to your bank via standard feed. Below are the steps to complete the process.

     

    1. Select Banking from the left menu. This will open the Bank and Cards page.
    2. If you already have an account connected click Add account in the upper right.
    3. Enter the name of your bank in the Search bar or select it from the tiles below.
    4. Enter the login details that you use for online banking and select Continue.
    5. Click Agree. You may be asked to enter additional sign-in information by your bank at this stage. Simply follow the onscreen instructions as required.
    6. QuickBooks allows you to connect multiple accounts linked to the same account or card. Select the bank accounts you want to connect.
    7. Select Connect.

    To get more details about standard feeds and its processes, see the following resources below:

     

    Feel free to drop me a reply below if you have any other banking concerns. I'd be happy to help you out.

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    Colin_Four_FerryAuthor
    February 25, 2020

    Thank you for the reply it's good to know i wasn't just missing the link for the direct feeds.

     

    for the setting up the standard feeds those steps are what we are already using to connect a bank account so i'm not sure how that will change anything as it is those accounts that are needing refreshed every 90 days.

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    EmmaM
    February 25, 2020

    Hello Colin_Four_Ferry

     

    To just expand on the comments in your first post.The direct feed is no longer available for new connections.The open banking feed essentially is taking over from all feed types.The open banking regulation comes into force in March, before that date any connections will be prompted to upgrade to an open banking connection. This will be in product  and as well as  this there will be  an email to remind the user when this would need to be done by.

    All banks that are available on the connection will be updated on the included link.Some banks at present will not be able to be supported when the standard feed is disabled in March.Though we hope we can expand our support to more banks than are listed when they are open.

     

     

    Emma

     

     

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