Banking turned on its head
So what is the lowdown on Open Banking?
Let’s keep this simple, it means all regulated banks have to let you share your financial data like your spending habits, direct debits and generally your activity with authorised providers offering services such as accountancy, budgeting apps or banking – only should you wish.
This new regulation allows for new innovation for the financial sector; which let’s be honest, hasn’t really changed much in the past decade due to it being built on old out-of-date banking systems that are difficult to change. Open Banking will certainly generate better products to help you manage your wonga more easily – TAXO’D being one of them!
Is it safe?
It’s a time where you are encouraged more to keep your bank deets safe due to the active fraudulent world we live in. So, is it safe or not? Yes, it is! And we’ll explain why to give a peqce-of-mind when using TAXO’D and other services that use Open Banking.
Firstly, all providers must comply with data protection rules, including GDPR, which came into effect in 2018. Therefore, we tell you what data is used, how we use it, and how long we store it for. Secondly, when sharing banking information with third parties, there is one golden rule to follow: Make sure they are authorised or registered by the Financial Conduct Authority (FCA), This gives you protection by your bank if something did go wrong. You can check out TAXO’D’s registration here.
How does TAXO’D use Open Banking?
Open Banking has enabled TAXO’D the functionality to make tax returns a simple and stress-free process. TAXO’D’s Open Banking technology enables customers to connect directly to any UK bank using BankSync and automates accurate bookkeeping, combined with a simple in-app tax return filing direct to HMRC. Check out their website (hyperlink here direct to the page with our logo) for our logo as a suitable and tested tax return provider.
How can I get access to Open Banking on my TAXO’D account?
If you haven’t had the pleasure to use Open Banking then go from ZERO to HERO and save yourself! HERO is our first paid subscription which has many exciting additional features such as:
Tax Off – the simplest way to file your taxes on earth
BankSync (hyperlink all of these) – automated bookkeeping and categorisation aka. Open Banking
Reports – exports all your data and professional reports
Not only do we want you to become your own HERO, but we want to be your HERO too! Our aim here at TAXO’D is to automate and eventually eliminate the accounting process altogether. We want our customers to do everything they need to do in the most easiest, quickest and cheapest way possible, so you can focus on what you are really good at.
[Be a HERO] – https://web.taxod.com/upgrade
