Award-winning financial management software company AccountsIQ has selected Plaid Financial, a world-leading open banking platform, as its technology partner to streamline bank account connectivity. This partnership provides more security and control over financial data and customers can enjoy the speed and convenience of automated bank reconciliations combined with the reassurance of Plaid’s secure, encrypted connections.
AccountsIQ’s open banking integration using Plaid provides a seamless connection, facilitating access to banks in the UK, Ireland and overseas for bank feeds, and providing API integration for payments and receipts. Users are presented with a simple workflow to enable them to set up and manage the connections to their banks, and to sync with their banks periodically for new transactions that will be imported into the system for reconciliation purposes. This secure integration is operated under a European Directive called PSD2 (Payment Service Directive 2) to ensure API access to statement data.
Commenting on Plaid’s appointment, AccountsIQ’s CTO,
Gavin McGahey says:
“We’re delighted to have developed a seamless connection with Plaid that allows users to connect each bank account in their organisation to their local bank with statement feeds 4 times per day. These businesses will gain hugely from automated processing, real time reporting and improved liquidity from faster settlement times.”
“We decided to partner with Plaid because of their global Open Banking reach and regulatory approval in the key markets of UK, Ireland, mainland Europe and US. These markets are where our customers main trading entities and foreign subsidiaries are operating. We have been beta-testing our Bank Feeds functionality with multiple customers, over many months and we are confident it provides valuable benefits, alongside robust security and financial data controls.”
Gavin McGahey adds:
“AccountsIQ’s mission is to simplify how finance teams capture, process and report the results of their multi-location businesses. Our new Banks Feeds functionality will help remove manual reconciliation and aid the digitisation of finance functions everywhere. Frequent updates of actual bank positions also ensure finance leaders have more real-time data to help them make better decisions, faster.”
Both AccountsIQ and Plaid Financial Ltd are registered with the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017.