Lately, more and more accounting software providers have been reaching out to IBANXS. Not because they’re looking for just any bank connection, but because they need something specific: verified bank data. And that’s no coincidence.
Accounting software is only as good as the data it runs on. A bookkeeping package can look as clean and organised as you like, but if the underlying figures aren’t accurate, aren’t up to date, or were entered by hand, it ends up creating more work than it saves. That’s exactly where many software builders run into trouble: customers now expect their bank balance, transactions, and bookings to be correct automatically and in real time, not after a manual CSV import at the end of the month.
What verified bank data actually means
Verified bank data is data that comes directly and securely from the bank itself, through a regulated Open Banking channel, rather than through a file a user uploads or types in manually. That distinction matters more than it might seem. Data that comes straight from the source is, by definition, more current, more reliable, and more resistant to fraud than data that’s been altered, forgotten, or misinterpreted by a user somewhere along the way.
For accounting software, that translates into: automatic, real-time synchronisation of bank balances and transactions, debtor management that’s correct the moment it’s processed, and reporting built on figures that don’t need a disclaimer.
Why this matters now
Open Banking has been around for a while, but the way it’s being used is shifting. A few years ago, it was mainly about meeting PSD2 obligations. Now, it’s about competitive advantage. Accounting packages that can’t offer their customers an automatic, reliable bank connection stand out against providers that can, for the wrong reasons. Customers no longer want to reconcile manually; they expect their software to simply handle it, correctly and without workarounds.
At the same time, the infrastructure has finally matured enough to make this scalable. Instead of building and maintaining individual connections with dozens of banks one by one, software builders can now get access to thousands of banks through a single platform. That shift – from bespoke, one-off integrations to one reliable layer – is exactly why more and more accounting software providers are taking this step now.
What IBANXS brings to the table
IBANXS is a payment institution regulated by De Nederlandsche Bank (the Dutch Central Bank), offering access to more than 2,500 banks across 31 countries through a single platform. For accounting software providers, that means:
- Real-time financial data; up-to-date bank balances and transactions, straight from the source, instead of outdated or manually entered figures.
- One integration for the whole of Europe: a single API instead of separate connections per bank, significantly cutting development time and operational costs.
- Flexibility in licensing: providers with their own licence can use IBANXS as their Technical Service Provider; those without one can use IBANXS’s “License-as-a-Service” model, with IBANXS acting as the licence-holding party.
- More than standard PSD2: through AIS, SPAA (SEPA Payment Account Access), and Premium APIs, data access goes beyond what a standard PSD2 connection offers, enabling richer reporting and insights for end users.
In short
Verified bank data isn’t just a technical feature anymore, it’s become the standard accounting software is measured against. Software builders who can’t offer their customers that reliability and ease of use are feeling it more and more. That’s exactly why a growing number of accounting software providers are finding their way to IBANXS: one platform, direct access to thousands of banks, and data you don’t have to second-guess.
Want to see how that works in practice? Request access to our sandbox environment and discover how easy it is to integrate with more than 2,500 banks.