Add TransferWise or Wise as a Direct Bank Data feed

I am evaluating Reckon because of the latest Xero price gouging - unfortunately this will probably be a dealbreaker if there is no plan to get Wise feeds fairly quickly. This may be a blocker to others coming on to this platform too (I see the lack of votes here quoted as a reason not to bother, but that may be because many potential customers have not bothered with Reckon because it doesn't support Wise feeds). Will I have to look at buying Quickbooks instead?

Hi John. Our hope was to manage this via Open Banking, however the majority of accounting providers (including Reckon) have kept their direct connections to the banks as Open Banking, although publically "live", has a number of issues that all vendors are struggling with => most importantly, data integrity. Treasury have also imposed that any 3rd party app that is connected to accounting software who uses open banking data must be ISO certified. This requirement is unachievable in our opinion, and would mean all accounting products would lose up to 95% of their integrations, and would devastate a vibrant eco-system.

The only other option is to create a direct feed, however the truth of the matter is, this idea has 3 votes, and we only have a relatively small team, so we have to invest their time where we see the best return. Recently we've released a new mobile invoice app, an integration with Novatti payments, enabled eInvoicing, and have been working on new payroll products (web and mobile) to enable Single Touch Payroll phase 2. I truly wish we could do everything, I really do, but it just is not possible.

As soon as our team are happy with the quality of the Open Banking platform, and, if we can have the ISO requirement overturned as an industry, we'll cross over from direct feeds to Open Banking feeds as we have already built the infrastructure.

sounds like neither party particularly values the other and so the users lose out 🤷‍♂️

Hi Tim. Wise have previously requested that we do the work, and unfortunately this isn't a top level priority for our team. If they wish to connect to us then we have publically available and free RESTful APIs for their team to use. Ref: https://help.reckon.com/category/t3ohcrldj7-api-products-reckon-one-api-v2

Hi Reckon, just an update on Wise, it looks like they have implemented a direct integration with Quickbooks. Might be worth a look to see what is possible in terms of bank feed integrations here:

https://wise.com/us/business/quickbooks

Hi Markus. The reason we don't have an institution listed is because they have not agreed to share their data. I'll pass this over to our partnership team to investigate.

Hi, is it possible to at least add wise as a recognised financial institution so I can create the wise account to accommodate for transfers.

That's great to hear. I understand other banks have already implemented Open Banking but are not currently available in Reckon One bank data direct feeds (ING for example).

When will Reckon onboard banks that have already implemented open banking?