We have to stay ahead of the curve as business professionals.
In the accounting and bookkeeping profession, this means not only providing accurate financial analysis but also ensuring the utmost data security and compliance for our clients.
Due to growing threats of cyber fraud and increasing regulation around onboarding clients and sharing financial data, accountants and bookkeepers are wise to keep ahead with more robust privacy technology.
With the dawn of Open Banking, we now enter this new era of enhanced data security, and accuracy, when accessing client transaction data. Accessing transaction data is now much more secure, while also enabling accountants and bookkeepers with data that gives a more complete picture of the financial position of a business.
In this article, we will explore why Open Banking, assisted by ACSISS by SISS Data Services, is leading the charge in data security.
This capability is now available and already accountants and bookkeepers are embracing a more secure future with greater confidence.
How current technology leaves professionals and clients vulnerable.
Up to now, one commonly used technology for accessing client bank transaction data is screen-scraping- so called because third-provider providers ‘scrape’ transaction data from bank websites. Clients give them their passwords, and the tech pretends to be the client, logging in and collecting the data for the accounting system.
Cyber fraud a possibility. Hold on. How can password sharing with commercial contractors be okay? Surely that conflicts with banking terms & conditions, let alone good practice. Cyber fraud is a concern.
Professional ethics in question. Ethical questions for professional advisers abound – recommending that clients share passwords doesn’t seem right. Furthermore, the fact that screen-scrapers present website designs featuring bank logos and colours to give clients the impression the software is backed by the banks when it is not.
Banks against current technology. Banks don’t approve of screen-scraping because it’s insecure. But the practice hasn’t been stamped out because so far there’s been no alternative.
Change is even more important because of rising cybercrime and stricter regulations.
With the sophistication of technology comes the sophistication of our cybercriminals (yikes!).
The rise in cybercrime has put financial institutions, accountants, and businesses at risk. Traditional methods of data sharing, like screen-scraping, offer cybercriminals potential entry points to exploit vulnerabilities. This threat to data security requires a more robust solution—one that is now provided by Open Banking and data providers like SISS Data Services.
With stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, the urgency to safeguard financial data has become paramount – particularly if it can place accountants and bookkeepers and their clients at risk of financial fraud.
With the introduction of Open Banking as a financial process that is bank-approved and adheres to strict regulations, accountants and bookkeepers can now ensure that the client data they access is authorised, secure, and traceable.
Screen-scraping had its day, but no longer!
Open Banking, enabled by new legislation called the Consumer Data Right (CDR) changes the financial data game, resolving security issues and allowing for the seamless and secure sharing of financial information.
A Comprehensive View Across All Bank Accounts.
ACSISS Adviser by SISS Data Services enables trusted advisers to receive data shared with them by their clients through Open Banking, taking advantage of the transformative power of the CDR legislation.
Accountants and bookkeepers can now log in via one portal to see all transaction data for every bank account for each client, all in one place. This can be accessed anytime that’s needed and the bank-approved data is up-to-date and comprehensive.
This shift is not just a technical upgrade; it’s a fundamental shift towards stronger data security and client protection.
The introduction of ACSISS by SISS Data Services, powered by Open Banking regulations, marks a turning point for accountants.
A New Era of Data Security and Client Confidence.
Utilising software platforms like ACSISS Adviser by SISS Data Services, allows for a regulated consent process. With SISS Data Services being one of the few software providers approved as an Accredited Data Recipient (ADR), by the Australian Customer and Consumer Commission (ACCC); there comes an assurance that the bar is set high for financial security and reliability.
Take advantage of the trust and confidence you will gain with this heightened security. Ensure financial information is always in safe hands.