Leveraging the latest open banking innovations, we have been working hard with open banking specialist, Plaid, to develop some enhanced functionality for our customers.

Collaborating with Plaid has given our Aqilla software brand-new open banking capabilites, which allow us to offer Accounting Information Services (AIS). Users can now authorise Aqilla to access their bank account statements directly, in order to save time when it comes to reconciling and organising their accounts.


Powering apps such as, Monzo, Curve and Cleo, Plaid’s API allows for instant and secure connections from a choice of 11,000+ financial institutions, offering users a simple way to link their bank accounts in the UK, EU, US and Canada, with our Aqilla software. Ultimately, this new functionality will remove the need to manually download financial statements and upload them into Aqilla.

“Enabling our customers to take advantage of open banking, is part of Aqilla’s continued drive for innovation and modernisation. Giving customers secure, direct access to their statements within our application is the first step on our open banking development roadmap.” – Hugh Scantlebury, Founder and CEO of Aqilla

What is open banking?

Open banking is the concept of securely exchanging financial information between financial institutions and third-parties, in order for individuals and businesses to access services that benefit the way they manage their finances. Under the 2018 ‘Payment Services Directive’ (PSD2), approved third-party providers were given new rights to access users’ online financial account data, with the explicit authorisation of the user, in order to permit the sharing of data through dedicated APIs – such as our new Plaid integration.

These PSD2 measures are designed to open up the banking industry in order to promote the development and use of innovative online services, whilst ensuring consumer protection. Ultimately, PSD2 provides the legislative and regulatory foundation for open banking and other broader initiatives at a UK and European level relating to open access to payment accounts.

To find out more about the basics of open banking, openbanking.org has created this helpful video:


How do I implement this new functionality in Aqilla?

It’s simple, safe and secure to set-up the new Plaid API function, and easy enough for you to do yourself! For more information on how to get started, you can use our handy step-by-step guide here, visit the Help section of our resource notes, or reach out to your dedicated account manager.

Open banking regulations

Open banking is regulated in the UK by the Financial Conduct Authority (FCA). Both Aqilla and Plaid are approved and authorised by the FCA to deliver these services.

Being open banking and PSD2 compliant, allows us to collaborate with Plaid in delivering secure and reliable access to the UK and EU financial ecosystems, simplifying your bank statement processes. However, we would like to highlight that as an innovative movement, which is still growing worldwide, this new open banking functionality is not approved across all nations.

Despite this, the global open banking market generated 7.29 billion USD in 2018 alone, and is anticipated to produce 43.15 Billion USD by 2026. As a result of the expected global take off, open banking legislation and worldwide connections with financial institutions are constantly being developed. Therefore, managing and taking control of your global finances and bank accounts will become increasingly more simple and accessible, as we move further into the digital age of finance.

The latest on open banking from Aqilla…
2022.07 Release Notes


Discover the release notes for our latest Aqilla update, including all the details about our new open banking features.

Read more here or access our full release notes as a pdf.

What you need to know about: Open banking


In this article, we will be decoding some of the unknowns of open banking: how it works, if it is safe to use, and what it means for the future.

Read more of this blog post here.


Our customers review: The Plaid plug-in experience


We are thrilled to announce that the Plaid plug-in has now gone live in Aqilla! Hear from some of our customers on their experience with the new Plaid API, synchronizing their bank accounts, and unlocking Aqilla’s latest open banking capabilities.

Read more of this blog post here.



How much will it cost to implement the new Plaid API?

We will be providing this new functionality at no additional cost to your licence fee.


What is open banking?

You can find out more about open banking from the money saving expert, here.


How safe is open banking?

You can learn more about the security of open banking with openbanking.org, here.


Why isn’t my financial institution on the list?

Most financial institutions are on the list but not all. The good news is, more financial institutions are being added all the time. If yours is one of the few not on the list, please email support and we will request that it is added.

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