Whether you are using one or multiple banks, it is the total number of bank accounts that matters. In which range does your company fit?
Automatic bank statement import
Now that you‘ve selected a pricing option according to the total number of bank accounts, you receive automatic bank statement import for all of them.
Payment recognition & reconciliation
This will be your biggest time saver. Instead of manually matching payments to invoices, have it done automatically and accurately. Read more about this feature on the Features page.
Payment & other platforms
High-volume e-commerce businesses, we thought about you, too. If you use payment service providers such as Kevin, Klarna, Paysera or others, choose this optional feature.
Once you’ll try it, you’ll think it’s magic
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STEP 1
Install Bankfeed from Microsoft AppSource
STEP 2
Connect your bank accounts and make basic settings
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?
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:
creditorAccount – customer recognition by IBAN
creditorId – customer recognition by ID
creditorName – customer name comparison when the document is identified
debtorAccount – vendor recognition by IBAN
debtorName – vendor name comparison when the document is identified
endToEndId – document Nos to identify
entryReference – document Nos to identify
remittanceInformationStructured – document Nos to identify
remittanceInformationStructuredArray – document Nos to identify
remittanceInformationUnstructured- document Nos to identify
remittanceInformationUnstructuredArray- document Nos to identify
If you have any questions, feel free to email us at [email protected]