End app-switching with account aggregation

Bank account aggregation is a digital service that some banks, financial institutes, and mobile apps provide. It allows you to gather, on a single interface, all the information related to different bank accounts — even if they’re held with different institutions. This makes bookkeeping and pre-accounting significantly easier.

Aggregation was born out of a simple observation: today, most companies have multiple accounts with several financial institutions. This phenomenon is called "multi-banking", and is common among freelancers and entrepreneurs who hold one or more business accounts as well as a personal account.

For multi-bank businesses, bank account aggregation is a compelling tool because it allows them to:

1. check their various account balances,
2. browse the details of all their banking transactions,
3. get an overall view of their financial situation quickly and without leaving the tool.

Bank account aggregation was introduced by the Revised Payment Services Directive (PSD2). According to this regulation, platforms wishing to offer this service must provide a secure API to share access to clients’ banking data.

This is what’s known as "open banking".

To connect your external accounts to Qonto, you first need to give your bank permission to share your information with us. Our account aggregation tool can only gather your external account data and display it on our platform with your consent.

Essentially, you’re making a request to your other bank right from your Qonto online interface. You can integrate your accounts from thousands of banks and payment service providers into Qonto.

You’ll just be asked to log in to your external account to consent to the account aggregation, then you’ll start seeing all your up-to-date financial data in one place - on desktop, or on the go.

Of course, you can connect as many accounts as you like to your Qonto business account’s account aggregator.

Qonto’s bank account aggregation offers several benefits to businesses that use it. You can:

1. check your various account balances to be able to make the right business decisions,
2. browse the details of all your banking transactions to see which invoices have been paid,
3. get an overall view of your financial situation to stay a step ahead of potential challenges,
4. save time entering multiple passwords and switching between apps and services, and avoid false forecasts due to manual error.

Our bank account aggregation feature enables you to stay in control of your business finances, managing your inflows and outflows across accounts from different banks.

Qonto’s bank account aggregator is free to use on all Qonto plans.

Qonto’s modern, online business account offers all the features - from Mastercards for flexible spending, to supplier invoice management, bookkeeping tools, and bank account aggregation - you need to pilot your business growth, all in one place.

Qonto uses end-to-end encryption to protect your banking data. Our account aggregation tool cannot access your data. We don’t store your login details and we can’t carry out banking operations on your external professional or personal accounts. Qonto receives read-only access to your accounts, and only uses that access to display your banking data on our platform.

What’s more, like any service offering account aggregation, Qonto has French Prudential Supervision and Resolution Authority (ACPR) accreditation.

There are many account aggregation tools out there, including some traditional and online banks.

Qonto’s account aggregation feature integrates with the other tools in your business account to offer unparalleled business finance management, such as:

1. Cash flow & spend management tools.
2. Your choice of physical or virtual company Mastercards with customizable permissions and spending limits - all compatible with Google Pay and Apple Pay.
3. An intuitive, digital platform to pilot all your business finances in one place.
4. A powerful built-in invoicing tool.
5. Expense management automation & delegation.