ACSISS, by SISS Data Services, has today published “Open Banking for Accountants & Bookkeepers: Everything you need to know”.  This comprehensive guide will help Accountants & Bookkeepers understand Open Banking and the Consumer Data Right (CDR).  

“The CDR will change how every accountant or bookkeeper in Australia receives bank transaction data from their clients” says Grant Augustin, CEO of SISS Data Services, Australia’s leading provider of secure bank data for accountants, bookkeepers and the systems they use.  “The days of screen-scraping and password-sharing are coming to an end.  For years, accountants and bookkeepers have been asking their clients to input their banking details into third-party systems which then log in to their bank to retrieve bank data.  This must stop, and now with Open Banking, it can”.

Open Banking is made possible by the Consumer Data Right (CDR), a Commonwealth Government initiative that forces banks (and other data holders) to securely share customer data, such as transaction records, available to authorised third-parties when the customer instructs them to.  

For accountants, bookkeepers and other “Trusted Advisers” recognised by the regulations it means that they can now ask clients to share their bank transactions with them, without having to ask clients to disclose their banking passwords.  What’s more, the regulations apply to effectively all Australian banks and account types, meaning that accountants & bookkeepers can now easily and securely access transaction data for all of their clients accounts – including transaction, savings, deposit and credit card accounts, whether they are held by individuals or businesses.

“This is a huge step forward for accountants, bookkeepers and their clients – the vital data that is needed to do the books is now available in a way that is complete, secure and efficient” said Augustin, “we’re thrilled to be able to provide this free guide to the new system for professionals”.

Click here to receive your free copy of “Open Banking for Accountants & Bookkeepers: Everything you need to know”.