An update has been released, and here is an overview of what was improved in Bankfeed version 21.0.
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An update has been released, and here is an overview of what was improved in Bankfeed version 21.0.
Check out the features of Bankfeed.
You asked for it, so it’s done! We fulfilled our customers’ request to add default dimensions to the Text-to-Account Mapping table.
To add default dimensions:
This new setup will be valid for new transactions.
If you want to apply it to existing Statement lines, use the „Refresh Recognition“ function in the „Statement Lines (Bankfeed)“. After the function „Refresh Recognition“ is run, the Journal lines (Cash Receipt/Payment/Payment Reconciliation) must be regenerated manually.
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Hello,
I found this Dynamics 365 Business Central add-on that would save me tons of time by automatically importing bank statements and matching payments with invoices.
It has certain technical requirements like an up-to-date Business Central version and banks that comply with the PSD2 open banking protocol. Could you please check the requirements and let me know if we are able to use the Bankfeed app?
The requirements are here: www.bankfeed.com/faq/, or you may contact the add-on’s developers at hello@bankfeed.com.
Bankfeed works as an add-on for Microsoft Dynamics 365 Business Central. Therefore the usage of this ERP system is necessary. The solution works best with the three latest versions of Business Central.
Before installing Bankfeed, we recommend checking if the following conditions are met:
1. Open banking API (PSD2) is not occupied.
If you use online payment provider services (Wordline, Wordpay, etc.), they might be connected through an open banking API. Therefore, Bankfeed will not be able to connect to this API as it is already occupied. In these situations, we can connect Bankfeed through the bank’s direct API, known as a Gateway. However, it usually requires additional banking fees and additional implementation hours.
2. Banks provide the information required for recognition and reconciliation.
Even though open banking is regulated using the PSD2 protocol and is mandatory for all EU banks, the banks treat these requirements differently. The amount of information provided through the APIs and its quality can differ depending on the bank. This can lead to a situation where Bankfeed will not be able to properly identify customers/vendors or documents because of the lack of data.
Here is a list of mandatory bank fields needed to enable Bankfeed’s payment recognition and reconciliation. Please check HERE if the banks you are using provide the information from these fields:
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