Edinburgh-based fintech company among first to secure FCA AISP status

Edinburgh-based accounting software vendor FreeAgent has become one of the first companies in the UK to secure Open Banking registration from the Financial Conduct Authority (FCA).

The company is registered as an official Account Information Services Provider (AISP) under the terms of the EU’s Revised Payment Services Directive, which will allow it to provide deeper banking integrations with its software and enable users to more readily access their banking information in a secure and compliant way.

FreeAgent provides cloud accounting software specifically designed to meet the needs of contractors, freelancers, micro-businesses and their accountants.

Kevin McCallum, chief commercial officer at FreeAgent, said: “We’re delighted to have achieved our FCA registration as an Account Information Services Provider. The FCA rightly sets the quality bar fairly high for any business to become an AISP. We have always taken our security and data responsibilities very seriously, and our AISP status confirms that our internal systems and processes meet the highest standards.

“The integrated and seamless flow of information between banks, accountants and business owners is an integral part of the FreeAgent experience in the future. We believe that Open Banking is going to fundamentally change the way that businesses, accountants, software providers and banks share data - giving people a more secure, transparent understanding of their finances than ever before. It will allow us to build new services and customer-focused offerings that would simply not have been possible previously.

“It’s the start of a new era for fintech companies and it’s an exciting time for FreeAgent.”