Product updates in version 18.0

Following the changes introduced by the European Central Bank, it is now possible to extend the period for linking bank accounts to 180 days (previously, the maximum period was 90 days). Therefore, after making certain adjustments, the process of linking bank accounts will need to be done less frequently – every 180 days. As usual, you will receive a reminder about the approaching deadline one week before the deadline.

So far, when connecting bank accounts to Bankfeed, they were not linked in any way with existing Business Central bank accounts. However, to avoid errors during statement parsing, we have enhanced the functionality by adding automatic or manual linking of bank accounts.

Linking bank accounts is performed as the final step during the bank account connection process using the “Set up Bankfeed Connection” assisted setup.

After completing the authentication and consent actions at the bank, a window opens where in the field “Assigned Bank Account No.” you need to specify the number of the bank account card created in Business Central:

If, during the login, Bankfeed finds an already created Business Central bank account card with the corresponding IBAN/Provider bank account ID (Bankfeed) and Currency code, then the linking is done automatically, and there is no need to choose the bank account manually.

If you do not have a bank account created while linking, just choose +New in the field “Assigned Bank Account No.” and create it.

We can also link the connected bank account to an empty Business Central bank account card (without IBAN/Provider bank account ID (Bankfeed) or currency code values). When the bank statement is parsed, the linked Business Central bank account card will be filled with the IBAN or Provider bank account ID (Bankfeed) numbers extracted from the statement.

Suppose you want to perform the linking later or check how it is done. In that case, we can see and adjust this information in the “Connected Bank Account” window, which can be opened from the Accounting Role Center or via “Integration set up (Bankfeed)”.

From now on, when using the “Change API Key” function and pasting the API key value, you will be prompted to choose the Bankfeed company you want to connect to the corresponding Business Central company.

After pasting the API key, if a created Bankfeed company is found based on the “VAT Registration No.” specified on the “Company Information” page, it will be automatically selected.

If no matching Bankfeed companies are found, you will be prompted to create a new one.

It is essential to ensure the “VAT Registration No.” specified in the Company Information is correct.

If the “VAT Registration No.” is not filled in on the “Company Information” page, you will be prompted to choose from the list of all Bankfeed companies created for the corresponding API key.