HSBC’s direct bank feeds eliminates work and drives insights for customers through the automatic transfer of financial information into QuickBooks

Intuit Ltd, a fully owned subsidiary of  Intuit Inc (Nasdaq: INTU) today announced the availability of a direct bank feed to save time for HSBC UK Business Internet Banking customers.

QuickBooks subscribers in the UK can now automatically and reliably import transactions from their HSBC account directly, and at no extra charge, to QuickBooks.

This direct bank feed features a new web authorisation process, which marks an end to paper-based authority forms, speeding up access for mutual customers. Through web authorisation, customers will be directed to HSBC UK online banking to enable the direct feed without the need to complete paper-based forms.

Direct bank feeds are an integral component of financial management software and cloud accounting because they automate much of the time-consuming data entry once associated with bookkeeping. By automatically transferring data between their bank and their financial management platform, QuickBooks customers save valuable time and avoid potential data entry errors.

HSBC UK is one of three major retail banks in the UK offering direct bank feeds with Intuit, meaning the company covers more than 60 percent of the UK market.

“We’re delighted to be working with HSBC to help our mutual customers work less, earn more and have complete confidence in their financial management. Looking ahead, we will continue to work closely with HSBC to support a broader range of bank account types and deliver an even smoother experience that empowers our mutual customers to make smarter financial decisions,” says John Dunkerley, Head of Financial Institution Relationships, Intuit QuickBooks.

Intuit QuickBooks direct bank feeds are initially available to Business Current Accounts accessed via HSBC Business Internet Banking – the most common platform for small businesses.