What is a bank feed?
Definition of a bank feed
A bank feed is a digital link between your bank account and accounting software, automatically importing bank transactions into your accounting software on a daily basis.
By allowing accounting software like FreeAgent to automatically import a customer’s financial data, bank feeds give business owners an up-to-date view of their business’s financial performance.
Bank feeds also help business owners to avoid the mistakes that can often be made when manually inputting lots of transaction data.
Open Banking bank feeds
Open Banking was set up by the UK’s Competition and Markets Authority (CMA) to create more competition in the financial marketplace and support fairness for all bank account customers in the UK. Through Open Banking, bank account customers are now able to share their financial data securely with third parties, like FreeAgent, through a kind of technology known as an API.
In 2019 FreeAgent became the first UK accounting software to launch bank feeds created via the Open Banking platform. These new bank feeds are faster, more secure and more reliable than any other bank feed that has come before them.
To find out more about FreeAgent’s offering of Open Banking bank feeds, head over to the Knowledge Base.