12th February 2019

FreeAgent launches accounting software feed through Open Banking

Fintech company FreeAgent has become the first UK accounting software to offer direct bank feeds via the Open Banking platform – giving customers even greater security and visibility over their business finances.

The firm has unveiled new Open Banking feeds for UK FreeAgent customers banking with RBS and NatWest. Initially, the feeds will be open to a select group of test users, with a wider roll-out expected later in 2019.

The new feature uses the Open Banking framework to deliver secure, direct data feeds from customers’ bank accounts into their FreeAgent accounts. It marks the first wave of FreeAgent’s wider Open Banking strategy, which will see a wider range of banking data feeds and features introduced over the coming years to help small business owners manage their business finances more effectively.

Ed Molyneux, CEO and co-founder of FreeAgent, said: “We’re really excited to be the first accounting software to offer Open Banking feeds in the UK. From our customers’ perspective it will seem like only a small change to their FreeAgent experience, but it represents a significant step in how they will interact with their data in the future.

“We see Open Banking as an integral part of our mission to help small business owners understand their finances better and make more informed decisions about their businesses. Eventually, we envisage a whole ecosystem of Fintech apps, features and services powered by Open Banking that will make it easier than ever for people to run and maintain their own business.

“Open Banking was designed to put more capability and control into the hands of business owners and bank customers. Thanks to our relationship with RBS and NatWest, we’re delighted to be leading the way on providing these new types of data feeds - and we're excited to show our users what we'll be able to do for them in the future with more direct access to transaction information and payments."