If tax consultants want to read the bank statement data for their clients so far, then they need access to their bank accounts. This was previously possible through an additional telebanking user or a so-called EBICS bank access, which is difficult to set up. […]
An EU directive (called PSD2) now, in addition to telebanking, also enables simple but secure access for tax consultants and clients to pick up bank statements or to process payment transactions together. This saves the client and tax consultant paperwork (issuing an inspection authorization) and the accountant time-consuming file handling, with bank files that are located in certain directories, when posting.
The second stage of the Transposition Act to the second EU Payment Services Directive PSD2 creates uniform rules for payment services and payment service providers. This is intended to accelerate and facilitate banking transactions through digitization and e-commerce and to ensure more competition between banks and non-banks.
Banks rely on a common standard
The Austrian banks rely on a common standard for the implementation of PSD2, based on the implementation descriptions of the Berlin Group. This pan-European standard has the working title XS2A (Access to Account) and describes the possibilities of banks to implement special online banking offers via corresponding APIs (Application Programming Interface). This description contains the technical specifications for software development, which data content can be exchanged directly with the banks and how this communication must take place in terms of security.
Open banking is the basis for networked business models
Wolfgang Foißner, Sales Manager BMD: “BMD’s partner, finAPI GmbH, has specialized in programming this interface and offers it to manufacturers of accounting software, ERP solutions or web shops. Open banking is the basis for networked business models from banks to the design of ecosystems with partners.“ The cooperation with finAPI began in autumn 2020. The company was majority-acquired by SCHUFA Holding AG in 2019.
With the integration of finAPI, BMD has now created another possibility for direct bank access, which, compared to the existing possibilities (see table below), shows the advantages of the most modern connection – especially in connection with the client platform BMD Com or the BMD Com for the mobile phone “My BMD Com”.
Tax consulting firms benefit from finAPI
“It is particularly interesting for tax law firms with BMD software that the client enters his access data to the respective bank account in BMD Com and thus enables the tax consultant to automatically retrieve the bank movements for 90 days in the background,” adds Foißner. “The tax consultant no longer needs access data to the client’s bank accounts. The client performs the payment approval via BMD Com himself with his own access data and thus retains sovereignty over his bank connections. The tax office receives the bank movements, as a by-product, fully automatically.“
For the initiation of payments or direct debits in payment transactions, the access data must be re-entered by the client or accountant each time: Thus, the same security requirements as in the respective telebanking programs of the banks are created.