Discover how Midland Properties, Inc. replaced a complex and unstable financial data aggregator with a fast, reliable, and scalable payment import and reconciliation process using Bankfeed.
Check out the features of Bankfeed.
Customer: Midland Properties, Inc.
Industry: Accounting services
Location: Kansas, USA
Interviewee: Kelly Corral, Controller at Midland Properties
Interviewer: Vaida Brusokaite, Partner Manager at Bankfeed
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Vaida:
Kelly, could you start by telling us what motivated you to look for a solution that automates the payment management process?
Kelly:
Our main motivation was improving how bank data is imported into Business Central, specifically into the bank account reconciliation page.
Previously, we were using the default financial data aggregator in Business Central. While it allowed us to import data into the payment reconciliation journal, it didn’t support direct import into the bank account reconciliation page, which created inefficiencies in our workflow.
We also experienced significant issues with connection stability due to system constraints of our regional bank, which required frequent password updates and multi-factor authentication, causing constant disruptions. We often had to reset credentials just to maintain the connection.
Another major limitation was that this financial data aggregator doesn’t allow the same login credentials to be used across multiple companies. Since we manage multiple entities, we had to create around 15 separate logins. When something broke, we had to reset all of them individually, which became very time-consuming and difficult to manage.
Overall, it was too complex and not a sustainable solution for us.
Vaida:
That makes a lot of sense. And having switched to Bankfeed, which features have been the most valuable for you so far?
Kelly:
The ease of setup was one of the biggest advantages.
We were able to get started quickly, and the connection has been very stable compared to what we experienced before. That consistency alone made a big difference for us.
We also noticed the impact during our February reconciliation process. Bankfeed significantly sped up our workflow, making the entire reconciliation process faster and smoother.
Vaida:
That’s great to hear – improving efficiency is exactly what we aim for. Could you share how Bankfeed has impacted your day-to-day processes?
Kelly:
The biggest improvement is reliability and time savings.
We no longer have to deal with constant connection issues or manual workarounds. The system works consistently, and that allows us to focus on completing reconciliations instead of troubleshooting technical problems.
Bankfeed has made our reconciliation process much more efficient overall.
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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 [email protected].
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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