What is it?
What it means for your business
How to get started
Widely known as "Open Banking", this method allows you to connect external bank accounts to your Coconut account.
It's a secure way to allow providers access to your financial information and data.
This allows you to oversee all business transactions in one place to make your finance & accounting much simpler. Don't forget, you're in control of which accounts are added and you can remove the connection at any point.
Head into your Coconut app.
Tap on '⚙' (cog icon) in the Transactions tab (top right).
Follow the prompts to connect your accounts
You'll never be asked to share your passwords
It's all in your control; it is easy for you to withdraw your consent & disconnect your account.
You're protected; Apps and websites enrolled on the Open Banking Directory are regulated by the Financial Conduct Authority (FCA) or European equivalent. It means there are strict rules about how they operate and keep your data secure.
How long will it take to set up my connection?
This should take no more than a couple of minutes to successfully connect your external bank account. You may need to allow the app up to 15 minutes to pull all of the transactions and data into your view.
What can I do once I've connected my account?
View your transactions
Oversee your spending insights
Edit transaction categories, notes, and photos
Attach receipts for accounting purposes
Share your data with your accountant
Export your statements
How frequently will the connection refresh?
We will refresh your transactions every time you log into the app. You can also pull down your transaction list to manually refresh the screen.
Please note that there can be delays retrieving the latest transactions from your bank account. However, this will take under a minute most of the time.
How far back will my transactions go?
This is entirely dependant on the bank, but we can pull anywhere up to 24- months' worth of data when initially connecting your account. Typically most accounts will be able to pull through 24 months worth of data whereas credit cards tend to be limited to 3/6 months.
Can I connect to more than one account?
The short answer is, yes. Depending on which plan you're subscribed to, will decide on how many external accounts you're able to connect to your Coconut account.
With our Side-hustle plan, you'll be allowed to connect up to 3 accounts & with our Professional plan, you'll be able to connect 4+ accounts. You will also be given the option to select multiple accounts that you may have with the same institution. E.g. a personal & business account with Barclays.
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