Ladies and gentlemen, corporate banking finally has made open banking and QuickBooks Online integration accessible.
QBO
The days of having to keep up with each client’s logon and password are over. JP Morgan Chase agreed to a process by which Intuit users can access their own or clients banking via token.
JPMorganChase
According to JP Morgan Chase and Intuit, this aligns with a set of consumer data sharing principles which will “set the bar for how banks and technology companies work together to provide services for shared customers”.
Intuit CEO Brad Smith said, “We're pleased to deliver a great experience for our shared consumer and small-business customers.”
So, What Does This Mean?
Starting soon, we'll be able to use our Chase Bank Token to enable Chase bank feeds for QuickBooks Online and other Intuit products.
The token connection relieves the user from needing to provide bank user name and password, and instead, the customer can utilize the token, which acts like an electronic key to share bank data.
Many of our QBO bank errors will be eliminated, because passwords and security questions will no longer be required.
Oh, the Bank Errors
Here are a couple of examples, which I’m sure we are all familiar with:
Example 1 – Bank Feeds Error 185
Bank has extra security features that disable bank feeds until all security questions are answered:
Bank error 185
Unfortunately, correctly answering the security question resulted in an additional bank error of 9999 (try again later).
Bank error 9999
Example 2 – Bank Password Has Changed Error 109
Your bank is requesting a password change. Once you have completed the change at your bank's website, return to QuickBooks and enter your new password.
The struggle is Real
Currently, I have a QBO client struggling daily with their bank feeds. They long to have up-to-date bookkeeping, but unfortunately, for my clients, their small local bank does not offer much in the way of technology. E-statements, for example, just are not a priority.
Sadly, my client is feeling the pull to leave their small local bank and join one of the larger more technologically advanced banks.
As people continue to demonstrate their desire to have more mobile software, we may see a trend for many users, especially small and large businesses, to migrate to these larger banks that can give these users more secure, convenient and integrated access to their banking data.
Not Really New, Just More of It
Many of us already are familiar with security tokens. Bill.com and Hubdoc are examples of companies using this technology to securely connect and communicate with QuickBooks Online.
I, for one, am tired of the bank feed struggle, not just in QBO, but in other applications and hope this truly is the answer to bank feeds related errors.
Way to go JP Morgan Chase for leading the way, and thanks Intuit for giving us a new way to streamline and secure QBO Bank Feeds.