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About bank feeds

Learn about bank feeds and decide which type of bank feed to set up in Reckon One and Reckon Accounts Hosted.

About bank feeds

Bank feeds automatically import your bank transactions in your Reckon product, which saves you time, reduces errors, and helps you keep your financial records up-to-date and accurate. We offer 3 types of bank feeds - Open Banking (Australian customers only), direct feeds and Yodlee.

Choose a bank feed type

Each bank feed type has different advantages, and there is a different process for setting up each one.

When choosing a bank feed type, you should consider:

·       whether the bank feed type is available for your bank and bank account

·       what's involved in setting up the bank feed

·       how many years of transactional data you want available in your Reckon product

·       how secure it is, and how much control you have over your data and how it's shared

·       how easy and quick it is to set up the bank feed

·       how frequently the bank feed updates your transactional data in your Reckon product.

Open Banking (available for Australian customers only)

Open banking allows you to share your banking data with Reckon under a legislative framework called the Consumer Data Right, which aims to make data sharing safe and secure for consumers.

To provide Open Banking, we’ve partnered with ACSISS Data Services. ACSISS Data Services is an Accredited Consumer Data Right recipient. This means that it has undergone a testing process managed by the Australian Competition & Consumer Commission (ACCC), to demonstrate that it complies with strict requirements to receive data.

Features of Open Banking

  • Setup is typically straightforward and fast- Setting up Open Banking is typically straightforward, but it depends on whether your bank is Consumer Data Right (CDR) ready. You can check if your account is CDR ready before you set up Open Banking.
  • Connect your loans and credit accounts - You can connect your credit card or loan accounts with Open Banking. This is typically not available with other feed types.
  • Retrieve more historical data - You are able to retrieve transactional data from January 1, 2017 to today's date in your Reckon product. This is unique to this feed type. You would need to upload transactions manually to get historical data with direct and Yodlee feeds.
  • Is heavily regulated to enhance security - Open Banking is governed by Consumer Data Right rules and standards, which are enforced by the ACCC. This enhances security and consumer protection for you.
  • You have control over your data - You have control over which data you share and you can consent or revoke access at any time, giving you more ownership of your financial data. You also don't have to share your sensitive credentials with anyone, further enhancing security.
  • Instant access to up-to-date banking data - Transactions will come in instantly and you will have real-time access to your banking data, ensuring you have the most up-to-date information.
  • Reduced chance of data disruption - Open Banking is an efficient way of importing your data, which results in less disruption.
  • Switch banks while maintaining control over your data - Open Banking allows you to move or share your financial data between different banks or service providers easily. This lets you switch banks or use multiple financial services while maintaining control over your personal data.

Learn how to set up Open Banking.


Direct Feeds

Direct feeds occur when we have an agreement with your bank or financial institution to send your transactions into your Reckon product.

Features of direct feeds

  • Setup can take 7-10 days and varies depending on your bank - Direct feeds can take up to 7 - 10 business days to set up. Depending on your bank, there may be specific requirements, such as a paper form or access to internet banking.
  • Data is imported daily - Transactions are updated daily. This means that each day, you will have access to the previous day's data.
  • Reduced chance of data disruption - When you have a direct connection between the bank and your Reckon products, there are fewer intermediaries and it reduces the chance of data disruption or failure.
  • No need to share sensitive credentials - Direct connections to a bank's system do not typically require you to share sensitive credentials with anyone, providing greater security of your banking information.
  • Responsibility for regulatory compliance is with the bank - Banks take responsibility for your data and are responsible for complying with regulations. This differs from Open Banking, where banks are regulated by the ACCC and the Office of the Australian Information Commission (OAIC).

Learn how to set up direct feeds.


Yodlee

Yodlee is a financial data aggregation service that uses screen scraping to import transactions from your bank account to your Reckon product.

Features of Yodlee

  • Easy to set up and use - You can easily link your bank accounts and financial services through a simple user interface, reducing the time it takes to get your bank data into your Reckon product.
  • Available for a wide variety of banks and financial institutions - Yodlee aggregates information from over 15,000 institutions worldwide, including banks, investment accounts, and other financial services. Its screen scraping functionality also gives it more flexibility, allowing it to be used with banks and institutions that would typically not be available with Open Banking or direct feeds.
  • Requires login credentials to access data - Yodlee uses screen scraping to import your transactions from your bank account. This requires you to enter your login credentials for your bank.

Learn how to set up Yodlee feeds.


Read more

Need more help?

Ask the Reckon Community at: https://community.reckon.com

Or Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

BankData: Details on ANZ Direct Feed Setup

Bankdata: Re-verify Your Login Credentials / "You need to use your netlock device" for Commbiz

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