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Status Future consideration
Workspace Reckon One
Categories Banking
Created by Guest
Created on Jul 12, 2021

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Add TransferWise or Wise as a Direct Bank Data feed

TransferWise (recently rebranded as Wise) is a global bank operating in Australia and popular with businesses that need to send or recieve overseas payments.

Unfortunately, Wise is not available in your bank feed choices. Given the presence of smaller and less known banks, it would be awesome if Reckon could team up with Wise to offer direct bank feeds from Wise business accounts.

  • ADMIN RESPONSE
    Jul 12, 2021

    Hi Michelle. Wise should come on board with the rollout of Open Banking in Australia. This has been delayed for quite a while as the established institutions have pushed back, however most should be online later this year / early next.

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  • Admin
    Jason Hollis
    Reply
    |     May 7, 2022

    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.

  • Guest
    Reply
    |     May 6, 2022

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

  • Admin
    Jason Hollis
    Reply
    |     May 5, 2022

    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

  • Guest
    Reply
    |     May 5, 2022

    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

  • Admin
    Jason Hollis
    Reply
    |     Aug 16, 2021

    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.

  • Guest
    Reply
    |     Aug 14, 2021

    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.

  • Guest
    Reply
    |     Jul 12, 2021

    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?