Botkeeper, a leading automated bookkeeping solution that works hand-in-hand with Accounting Firms to help grow their business, improve margins, and deliver better service to their clients by augmenting manual and tedious bookkeeping work, announced it has joined the Financial Data Exchange (FDX), a nonprofit dedicated to unifying the financial industry around a common, interoperable, royalty-free standard for secure and convenient consumer and business access to their financial data.
As an FDX member, Botkeeper joins the ranks of more than 100 notable industry powerhouse partners such as Bank of America, Intuit, USAA, and Fannie Mae who are coming together to help consumers and businesses make informed financial decisions by sharing their financial data safely and conveniently. Botkeeper provides their Accounting Partners and clients a combination of software and bookkeeping services, part of which includes the secure connection to over 16k banks and credit card institutions for electronic data fetching, and transaction categorization. CPA firms and businesses using these services require secure, fast, and convenient connectivity to the financial data necessary to conduct the bookkeeping.
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“Botkeeper has been a big proponent of democratizing AI and automated bookkeeping for the accounting industry,” said Enrico Palmerino, co-founder, and CEO at Botkeeper. “We do this by building and licensing our software to the 46,000+ existing accounting firms, allowing them to immediately benefit from a level of efficiency and accuracy that they could otherwise not afford to develop in-house. Embodied in this belief is the idea that financial data should be free and secure for all to access, process, and glean insights from. Botkeeper has thus chosen to invest in and join FDX as it strives to provide free and secure financial data to consumers and businesses alike.”
“There is a very large spectrum of financial institutions that have varying degrees of access to the changes and regulations around data authentication,” said Justin Whitehead, CTO at Botkeeper. “With the larger banks at the forefront of this information, there are also thousands and thousands of small to mid-sized banks doing everything they can to keep up with the rampant and frequent changes. Even closer to home for us at Botkeeper, there are thousands of Accounting Professionals who have been operating in an industry that had been largely untouched by technological innovations up until just the last few years.”
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Justin went on to say, “As accounting professionals are self-educating and researching concepts like AI, ML, and RPA, they’re also having to keep up with the banking regulation shifts—and this is on top of continuing to support their business clients. This reality spurred the question, ‘How do we help the accounting and business community operate in this new digital world, securely, and at scale?’ In having a seat at the table with FDX, alongside some of the biggest names in finance, Botkeeper is going to be able to contribute to the long-term solution to these challenges. This is a space that is near and dear to our mission—an area we’re able to work on, so our clients don’t have to. We’re thrilled and honored to be able to help accounting professionals and business owners sleep better at night knowing that their data is being handled with respect and care.”
“We are really excited to have Botkeeper join FDX!” said Don Cardinal, Managing Director at FDX. “The addition of Botkeeper’s voice will help ensure that the FDX API standard and associated use cases work well for B2B applications like bookkeeping and accounting. Like many FDX members, Botkeeper is helping small businesses monetize and leverage their own financial data in ways never before possible, and we are excited to welcome them to the FDX ecosystem.”
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