What open banking means for accountants

The introduction of open banking earlier this year marked the culmination of a push to inject fresh competition into the banking system, based around the principle of third parties being able to gain access to bank accounts, with the customer’s authority.

“Open banking is fundamentally about the greater availability of data,” says John Dunkerley, head of financial institution relationships at Intuit UK.

“It requires banks to make their data and payment infrastructures more open, enabling registered third parties to create new products and services for accountants and their customers, both small businesses and individuals. Ultimately we should see more choice, better service and greater value for consumers.”

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