Simply put, financial data that until recently was accessible only to the client's bank will now also be available to third parties, such as the invoicing and accounting tool Accai.  

Integrating open banking with the Accai accounting system allows you to view transactions and balances in your business accounts in real time (some banks send us data four times a day).

As one of Accai's creators put it: "To check the current balances in my business accounts, I open Accai more often than I open my bank's app on my phone."

New Opportunities Thanks to Digitization

An invoicing tool without a bank connection represents only a very small fraction of the options and features available to you in Accai thanks to its integration with open banking.

The ability to integrate the Accai accounting system with open banking has the potential to revolutionize and transform the future of accounting. Thanks to this integration, you can speed up, simplify, and—as a result—make daily accounting tasks more efficient and cost-effective. For example , you will no longer need to send bank statements or bank data exports to your accountant, because they will be automatically available directly in Accai.

Two-way communication with the bank

Open banking isn’t just about retrieving account balances and transaction history—it also enables communication in the opposite direction (paying invoices, initiating payments). You or your accountant can upload received invoices into the Accai accounting system. You select which ones you want to pay and settle them all at once with a single click. This batch payment order is sent to your online banking platform, where you simply confirm it via your computer or the bank’s mobile app. This method of paying invoices eliminates the need for tedious manual data entry. This will certainly help ensure that you don’t put off paying invoices as an unpleasant chore.

Smart Pairing

Thanks to its integration with open banking, Accai will automatically and intelligently match your issued invoices with payments. Analyses show that 50–70% of clients use QR codes to pay their invoices. These payments are thus matched with absolute accuracy. The remaining payments are matched based on a carefully designed algorithm that takes into account the variable symbol, amount, IBAN, and other parameters. We know from experience that a maximum of 2–3% of payments remain unmatched and must be manually matched to the issued invoice.

This kind of automatic matching will save you and your accountant a significant amount of time, and it’s certainly worth noting the financial benefit as well: your accountant will pass on the time saved to you in the form of a discount.

Reminders and Collection

In business relationships, there are sometimes unpleasant situations where your invoices remain unpaid even after the due date. To prevent this, the open banking integration with Accai offers a feature for creating reminders and payment notices. You can set up reminders for unpaid invoices easily and intuitively, including the timeframe for when and to whom they should be sent automatically. For the sending of reminders and notices to function properly, it is essential to rely on accuracy and completeness—which automation fully ensures. 

Improvement in cash flow

Based on our experience, we can say with certainty that implementing an automated system for sending reminders and notices has improved cash flow across all our companies, as the average amount owed on unpaid invoices has decreased by 20–30%. Last but not least, another advantage of automatically sending reminders and collection notices is the minimization of time wasted each month on the tedious manual creation and sending of collection notices.