Award-winning financial management software company AccountsIQ has selected Plaid Financial, a world-leading open banking platform, as its technology partner to streamline bank account connectivity. This partnership provides more security and control over financial data and customers can enjoy the speed and convenience of automated bank reconciliations combined with the reassurance of Plaid’s secure, encrypted connections.
AccountsIQ’s open banking integration using Plaid provides a seamless connection, facilitating access to banks in the UK, Ireland and overseas for bank feeds, and providing API integration for payments and receipts. Users are presented with a simple workflow to enable them to set up and manage the connections to their banks, and to sync with their banks periodically for new transactions that will be imported into the system for reconciliation purposes. This secure integration is operated under a European Directive called PSD2 (Payment Service Directive 2) to ensure API access to statement data.
Commenting on Plaid’s appointment, AccountsIQ’s CTO,
Gavin McGahey says:
“We’re delighted to have developed a seamless connection with Plaid that allows users to connect each bank account in their organisation to their local bank with statement feeds 4 times per day. These businesses will gain hugely from automated processing, real time reporting and improved liquidity from faster settlement times.”
“We decided to partner with Plaid because of their global Open Banking reach and regulatory approval in the key markets of UK, Ireland, mainland Europe and US. These markets are where our customers main trading entities and foreign subsidiaries are operating. We have been beta-testing our Bank Feeds functionality with multiple customers, over many months and we are confident it provides valuable benefits, alongside robust security and financial data controls.”
Gavin McGahey adds:
“AccountsIQ’s mission is to simplify how finance teams capture, process and report the results of their multi-location businesses. Our new Banks Feeds functionality will help remove manual reconciliation and aid the digitisation of finance functions everywhere. Frequent updates of actual bank positions also ensure finance leaders have more real-time data to help them make better decisions, faster.”
Both AccountsIQ and Plaid Financial Ltd are registered with the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017.
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About AccountsIQ
AccountsIQ's award-winning cloud-based Financial Management Software (FMS), launched in 2008 in Dublin, simplifies how multi-entity businesses capture, process and report their results. It provides anytime-anywhere access to dynamic businesses, growing via subsidiaries, branches, SPVs or through a franchise model. Its unique architecture allows it to consolidate thousands of entities in a group. Its open API allows integration with 3rd party software and it is already integrated with TransferMate Global Payments, ProForecast, Lightyear, BrightPay, Kefron AP, Chaser, Stripe, Fusebill, Salesforce and ISAMs as well as numerous others.
AccountsIQ is now used by 4,000 businesses across 85 countries. Blue chip partners and customers across a range of sectors enjoy worldwide 24/7 access to top level FMS functionality and smartphone apps. These deliver comprehensive consolidated results and a superior level of business insight. AccountsIQ was awarded Enterprise Accounting Software of the Year 2019 and 2018, was a finalist in 2020 and has ranked in Deloitte’s Technology Fast 50 high growth index for the past 8 years.
About Plaid
Plaid is a data network that powers the fintech tools millions of people rely on to live a healthier financial life. Plaid works with thousands of fintech companies like Venmo and SoFi, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the apps and services they want to use. Plaid’s network covers 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.
Plaid Website
Notes to editors:
For more information, please contact:
Jeni Peacock
Head of Marketing
AccountsIQ Ltd
The Stanley Building
7 Pancras Square
London N1C 4AG
Tel: +44 (0)7775 678752
Email: jpeacock@accountsiq.com
Website: https://www.accountsiq.com/