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Banking on the cloud

Tim Fouracre explores the notion of accounting banks and how they could revolutionise the way we manage our finances in the future

Are you using an accounting bank? Of course not – they don’t exist yet. I coined the term to describe the intersection between online banking and cloud accounting software in one product. The concept is fascinating, and real accounting banks are just around the corner.

The concept of an accounting bank might appear to be a far-fetched contention, but consider why online banking and cloud accounting software aren’t already combined in one single product right now.

The answer, in the first instance, is that it hasn’t been possible up to now. But technology and regulation are changing that through a cocktail of cloud accounting software (Clear Books, SageOne and Xero), mobile first challenger banks (Atom Bank, Monzo and Revolut), application programming interfaces (APIs), the Second Payment Services Directive (PSD2), machine learning and Making Tax Digital (MTD).

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