After connecting Bankfeed to your bank accounts, you will automatically receive the bank statements in Business Central.
In the list of parsed bank statements, you will see the period, the bank IBAN, the currency, the number and amount of debits and credits. You can also deep dive into the transactions of each statement.
To match payments with invoices, Bankfeed first recognises each transaction.
The customer or supplier can be recognised by their name, IBAN or registration number, while the document to match with is identified using the “Message to Recipient” and the “endToEndID” fields. Additionally, text-to-account mapping is used to identify bank fees.
This might be the biggest time saver of all.
Bankfeed automatically and accurately reconciles payments with issued invoices. Note that you are still in full control, so if necessary, make any manual adjustments before posting the journal lines.
Forget the outdated file sharing. Bankfeed connects to your banks through the most thoroughly tested open banking PSD2 protocol. Rest assured, your data is secure.
Bankfeed is packed with user-friendly tools for effortless installation and setup.
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Feel free to leave your question here and we will email you the answer as soon as possible.
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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