Automatic Bank Integration - have your say

Posted on 02 November 2010 by Comments (8)

Over the last few months we've been hearing a steady chorus of approval for bank feed integration, whereby FreeAgent would connect to your online banking system and automatically pull in transaction data, without you having to manually download/upload statements. For obvious security reasons, this will be a read-only feed - there'll be no way for the system to make payments out of your account.

The good news is we're now making progress. We've already signed an partnership with Yodlee, the world's leading provider of online banking solutions, and development work has now begun in earnest.

Yodlee have worked with a number of popular finance web apps, including Mint, to automate aggregation of bank data, and they'll allow us to seamlessly fetch data from most of the major banks around the world.

So, it's something we're very excited about, but we want to know exactly how you feel about it too. Would you use it, or if not, why? Is it something so important to your company that you'd be prepared to pay extra for it, or is it simply a "nice to have"? Do you have any concerns, and if so what?

We haven't made any final decisions regarding pricing, which is why we're keen to hear from you in our Bank Integration Survey.

If you've got a minute please take the time to fill in the survey, and feel free to give us any other feedback while you're there. Thanks

Update: We've closed the survey now folks. Thanks to everyone who filled it in.

Over to you...

Gareth Thompson, Tue November 02, 2010
I LOVE YOU GUYS. That was the message i just sent to you chaps! I've been waiting for this for ages and i am so excited that it's finally coming! Keep up the good work FreeAgent!
Jay McGuinness, Tue November 02, 2010
Just filled in the survey - my main concern is breaching the banks T&C's which prohibit providing your online banking details to 3rd parties. Not for a moment that I think Yodlee/FreeAgent would/could do any harm, but I know the bank would fail to cover any losses should anything strange happen to my account, even if totally unrelated to this integration.

In addition, I can download my business credit card statements in OFX format - BUT, you wouldn't believe how antiquated the credit card company is (RBS Cards Online). You have to request an OFX as a batch job - it then emails you a few minutes later to let you know your download is available. So it's likely I'd still need to manually upload this one anyway.
Dan Eggleston, Tue November 02, 2010
In an ideal world this would be a brilliant addition to FreeAgent, but I share Jay's concerns about the implications of sharing online banking credentials with 3rd parties, however trusted they are to me.

If this security/liability hurdle could be overcome (maybe this is already a solved problem with Yodlee?) I'd be all for it, although TBH I don't think I would pay extra for what is ultimately just added convenience factor.
Dave Griffiths, Tue November 02, 2010
I too have the same antiquated download mechanism for my credit card (A&L Business Visa). I think its an MBNA thing, and frankly it's rubbish!

It's fairly amazing the low level of usability or features that most of the banks sites have, so to them it should make sense to integrate.
Jasmine Wilkinson, Mon November 22, 2010
I do business in both NZ and the UK. I am using Xero in NZ (although I loved FreeAgent) purely because of the automatic bank feeds. It's a killer feature and provides an automatic solution to the part of accounting that people dislike - and are least likely to get around to.

Now that Xero also integrate with my UK bank HSBC, I am seriously considering changing my UK businesses over .. and just because of this feature although I prefer many things about FA.

DO you have any real idea when FA might have this up and runnning, is there's at least a light at the end of the tunnel with a date on it, I'd probably wait!
Andy, Wed December 15, 2010
This feature would be amazing providing that the Banking institutions allow it. After using Free Agent for around 2 years I have enough trust for FAC to hold these details securely but if I was a new customer I would use the manual bank account uploads.

I'm looking forward to it arriving at I hope you don't charge extra for it - I know that I'd have a better selling strategy to people I refer with Yodlee banking connections in place.

P.s. Personal account budgetting through FAC with Yodlee would be great too!
Ian, Fri March 04, 2011
The first bank that has a free company banking account that supports an API that allows safe automatic downloading of bank statements into an accounting system could pick up lots of custom.
Also I don’t understand why paper bank statements don’t constrain a 2d bar code of all the data that’s on the statement.

Changing banks to make booking keeping easier is an option for a lot of people.

(Just think what will happen if such a bank included 18 months free usage of FreeAgent for any new company that opens the bank account!)
Stephanie, Tue April 19, 2011
I've been looking at switching us away from Quickbooks Online, and this is the only thing that kept me from it! Otherwise, you guys are an amazing end-to-end solution.
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