Entertainment Technology Partners chose Bankfeed over alternatives to automate payment management. They eliminated manual data handling, reducing time, labor, and errors.
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Customer: Entertainment Technology Partners (ETP)
Industry: entertainment technology / audiovisuals
Location: USA & UK
Interviewee: John Engstrom, Systems Administrator at ETP
Interviewer: Vaida Brusokaite, Partner Manager at Bankfeed
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Vaida: What motivated you to look for a solution that automates the payment management process?
John: Our motivation when looking for an automates solution to payment management was primarily the gains in efficiency for the bank reconciliation process. Those gains have helped tremendously in our effort to minimize time and labor.
Vaida: What alternative solutions did you consider? Why did you choose Bankfeed?
John: The alternative to Bankfeed that we considered was Yavrio Open Banking. Ultimately the decision came down to each solution’s cost to benefit ratio; we felt that Bankfeed offered more user-friendly features at a more competitive rate when comparing the two.
Vaida: Which Bankfeed features do you find the most valuable? Why?
John: The Bankfeed feature I found most useful was the automatic bank feed feature. Before using Bankfeed, we had to manually download Excel files from the bank and spend significant time reformatting them just to make the data compatible with Business Central. Automating that entire process not only saves time but also reduces errors and keeps our financial data flowing smoothly.
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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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