Open banking in Australia will simplify data access for accountants and bookkeepers. Here’s our guide to securely connect you to your clients’ bank transaction data.
If you’ve heard about open banking, you know this will make it easier to get the right information about client bank transactions.
It’s been talked about for a long time, though it’s thanks to the new Australian Consumer Data Right (CDR) legislation recently introduced that the finance sector is now moving quickly to deliver this into the market.
Thanks to the new Consumer Data Right (CDR) legislation, we’re excited to introduce you to ACSISS Adviser. Launching this year specifically for Australian accountants and bookkeepers, ACSISS Adviser is a software capability designed to streamline the process of receiving client bank transaction data.
With ACSISS Adviser, you can receive your clients’ bank transaction data securely and accurately, eliminating the need for sharing sensitive information such as usernames and passwords.
Here we’ll guide you through the process whereby your clients’ grant consent and explore how this new capability can enhance your relationship management with clients across various business aspects.
Client Consent for Data Access
One of the key aspects of the CDR legislation is the requirement for explicit consent from clients to access their bank transaction data. Once consent is given then the connection to the data can be set up.
ACSISS by SISS Data Services is an Accredited Data Recipient (ADR) for CDR, and through the ACSISS My Data solution, enables consumers, small businesses, trustees and other account holders to direct their banks (‘Data Holders’) to deliver their transaction data, through ACSISS, to their nominated “Trusted Advisers”. Trusted Advisers, such as accountants and bookkeepers, then use ACSISS Adviser to securely receive that data.
There’s a few things you’ll do when the ACSISS Adviser software is rolled out to deliver for accountants and bookkeepers.
Step 1: Educate Your Clients and gain their consent
The client just needs a simple point in the right direction. It only takes a few clicks for them to give consent via the ACSISS My Data app.
Your clients’ will appreciate knowing this will streamline their financial management, improve accuracy, and enable you to provide more tailored advice and services.
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Step 2: Securely receive data via ACSISS Adviser
Once your clients have granted consent via ACSISS My Data, and nominated you as their trusted Adviser, you can securely receive their data via ACSISS Adviser
Once received through ACSISS Adviser, you can then use client transaction data to complete your accounting work, including within the various accounting software systems you use.
You can emphasise to your clients’ the privacy and security measures of this process have never been better, with no need to share bank account usernames and passwords.
Improving Customer Relationship Management
Beyond simplifying data access, ACSISS Adviser offers several advantages in customer relationship management.
1. Client Onboarding
ACSISS Adviser streamlines the onboarding process, allowing you to connect with new clients more easily, without any friction.
For a few years now, accountants and bookkeepers have been working with a system that uses a work-around to bank barriers called ‘screen scraping’. A digital system that uses the client’s banking credentials to log into their bank and then collects that information.
Clients must share their transaction username and password, which isn’t ideal. It could make both of you uncomfortable. Some clients might refuse.
ACSISS My Data eliminates that aspect of the process. This way you can expedite the setup process and begin providing valuable insights sooner.
2. Financial Verification
Accurate financial information is crucial for your work as an accountant or bookkeeper. ACSISS Adviser ensures that the data you receive is reliable, reducing the risk of errors caused by incomplete information provided by the banking feeds.
This capability enables you to provide more accurate and informed advice to your clients. There’ll be no more headaches chasing clients on transaction data.
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Key Benefits of ACSISS Adviser
With this change coming, accountants and bookkeepers can benefit quickly as the market transitions from screen-scraping technology to secure CDR legislated open banking.
ACSISS Adviser is rolling out this year; here’s how accountants and bookkeepers stand to benefit.
1. Enhanced Security:
By eliminating the need for clients to share sensitive information like usernames and passwords, ACSISS Adviser reduces the risk of data breaches and unauthorized access. It leverages secure protocols to maintain the confidentiality and integrity of your clients’ data.
2. Improved Efficiency.
By eliminating the interruptions caused to workflow when you have to stop and gather additional bank data from clients, ACSISS Adviser will enable your practice to operate more efficiently. What’s more, CDR data is generally available back to 2017, meaning that onboarding new clients or doing reconstructions will be far easier than before. With accurate and up-to-date information at your fingertips, you can focus on providing valuable insights and strategic advice to your clients.
3. Tailored Services
Accessing real-time bank transaction data empowers you to deliver more personalised services in close to real-time to your clients. By gaining deeper insights into their financial activities, without errors or delays, you can offer proactive advice, identify potential cost-saving opportunities, and help them make informed decisions.
Where to from here?
In a very short list of Australian Accredited Data Recipient (ADR) providers who can deliver this data, ACSISS, by SISS Data Services, is at the forefront of this new legislation, helping accountants and bookkeepers to connect with their clients in a more secure, more reliable and more valuable way.
