Smart banks are transforming how self-employed people keep tabs on their money, and the big banks are finally waking up.
But bookkeeping and accounting packages haven’t moved on for years, meaning self-employed people are stuck with complex and laborious tools.
Bookkeeping for the smart bank era
In January 2018 we pioneered a new model for self-employed people by combining a smart current account with bookkeeping tools like expense management, invoicing and tax.
Coconut is the first bookkeeping tool designed around the modern banking experience with everything you need in one app. And 15,000 of you have joined our crusade to create better business products for the self-employed community.
It was a good start, but now we’re going much bigger.
We’re changing the game with Open Banking
Our current account is great for people who are starting out. But many self-employed people already have a business current account or a credit card they use for expenses.
This could be with a challenger bank like Starling or a high street bank like Barclays. Either way, it’s a tough decision to move away from your existing bank… so now you don’t have to.
You’ll soon be able to connect 20 different current accounts and credit cards to Coconut. This opens up our bookkeeping and tax features to millions around the UK, regardless of which bank or card you want to use for business.
What does this mean for you?
On top of all our existing features like expense management, invoicing and tax, by making use of Open Banking we're bringing more to the table.
All your business finances in one place
No more spreadsheets or flicking between apps. Get a complete view of your business across every account, whenever you need it.
Never miss a business expense
Connect your other business accounts, credit cards or even your personal accounts to make sure you capture all your business expenses.
No need to switch accounts
Hit the ground running with all our bookkeeping and tax tools no matter who you choose to bank with.
Get started all year round
No need to wait until the start of the tax or financial year to get organised. Pull in your historical records from your other accounts and get going.
What does this mean for my Coconut current account?
You'll still have your Coconut current account, that's not changing. This just gives you the option to bring other accounts in side by side.
Which banks and credit card providers can I connect to Coconut?
Bank of ScotlandHSBC BusinessNatwest & RBSBarclaycardLloyds BankRevolutBarclaysMarks & SpencerSantanderDanskeMBNAStarlingFirst DirectMonzoTSBHalifaxNationwideUlster Bank
What’s Open Banking?
Some of you may have heard of Open Banking already. It’s an initiative that was set up in August 2016 as a result of regulators ruling that the nine largest UK banks had to give a way for their customers to securely share their financial data with third party applications.
The aim of the initiative is to increase competition within financial services, encouraging innovation and ultimately better services and products for consumers.
And what about PSD2?
Related to Open Banking, Payment Services Directive 2 (aka PSD2) includes new standards and requirements for banks and financial services companies to play by.
One of the requirements is the need for providers to give their customers a way to share their data securely with third party applications. Whereas Open Banking applies just to the top nine UK banks, PSD2 applies industry-wide across the EU.