Bank interface

The bank interface is the link between the company’s financial software and Estonian banks.
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Larger companies initiate hundreds and thousands of payments per day. Sending them as a file to the bank involves security risks and time spent entering the bank system.

Using the bank interface, payments are sent to the bank directly from the financial software. It is enough for the user to add a digital signature to the payment on the worksheet, after which the bank interface service transports the information through a secure channel to the bank. The user can see information about the payment status and the bank’s feedback directly from the same worksheet.

A company’s internal rules may provide different rules for confirming payments, from single person confirmation to multiple rounds of confirmation.

In order to issue confirmations, you usually have to log into the bank’s information system, which means additional time spent learning and using different systems.

In the bank interface, confirmation has been moved directly to the financial software.
It is possible to set the number of signatures, the fulfillment of which is a prerequisite for sending payments to the bank. When creating a payment, the user can add a digital signature to it or designate another person whose confirmation is expected for the payment.

The payment approver is sent a reminder via the system and can see the content of payments assigned to him for signing. The confirmation can be added to the entire payment at once, regardless of the number of payment orders it contains

If necessary, the payment can be rejected by entering your own justification. The approver’s feedback is also visible to the initiator of the payment.

The bank interface includes automatic receipt of account statements from the bank. In addition to account statements received from main banks via e-channel, it is possible to import account statements from a file. It allows the use of automatic statement processing even in banks with which there is no e-channel agreement.

If desired, the bank can receive notifications of transactions on the account in real time. This is useful if, for example, the delivery of goods requires payment of the invoice by the customer.

Using the bank interface, it is also possible to request the account balance in real time to check the balance of free funds.

Depending on the number of bank transactions, a large part of the accountants’ working time can be spent on their reflection in the financial software.

The account statement may contain a lot of receipts from different customers and for different invoices on a daily basis, and the party paying the invoice may not be the same party for whom the invoice was prepared.

The bank interface includes account statement reconciliation, which can process all transactions included in the account statement and create the necessary accounting entries based on them, so that the user’s work remains only to check and confirm. At the same time, the processing rules contained in the interface can be easily changed according to the company’s needs.

When processing the statement, you can use all data about the transaction transmitted from the bank, such as the type of transaction, reference number, explanation of payment, information of the counterparty, etc. For example, the invoice corresponding to the receipt can be found on the basis of the reference number specified for the transaction, by searching for the same reference number either in unpaid invoices or in customer data. If reference numbers are not used, the invoice can also be found using the payment explanation by searching for the invoice number included in the explanation in the customer’s outstanding invoices.

Based on service charge entries, expense entries are automatically created on worksheets using preset ledger accounts and dimensions.

Similarly, the bank interface can also process more complex transactions such as currency transactions or receipts of card payments.

Using the bank interface helps ensure that all transactions included in the account statement are automatically reflected in the financial software.

When processing the statement, matched records are linked together, giving the user the ability to quickly see which records have not been matched and which need to be checked.

Using the interface, you can make payments without leaving the financial software and see their status in real time. The transactions included in the account statement are transferred to the software and can be automatically reconciled with invoices without manual intervention by the user. The integrated banks are Swedbank, SEB, LHV and Luminor.
The banking interface is built for Microsoft Dynamics 365 Finance and older versions
For Dynamics AX 2012, AX 2009 and AX 4.0 and Dynamics NAV 2017 and 2018.

Why bank interface?

The bank interface makes exchanging payments and account statements with the bank more convenient, faster and safer.
The feature that makes the solution convenient for the user is that payments can be digitally signed directly in the financial software, and signatures from several persons can be added to the same payment, if they are necessary for the transfer in the bank. Payments move between the financial software and the bank only through a secure channel, and the user does not need to save payment files on the hard drive and log in to the internet bank separately.

Receipt of account statements, processing and automatic linking of receipts allows the accountants of a larger company to save several hours of working time every week.

Advantages of the bank interface:

  • Forwarding payments directly to the bank, adding digital signatures and monitoring payment status.
  • Payments from the general ledger worksheet to make transfers between your accounts or to third parties whose data is entered directly into the worksheet record.
  • Monitoring bank account balances: both end-of-day balances and current free funds.
  • Automatic import of bank statements.
  • Complete processing of account statements and creation of accounting entries.
  • Automatic linking of receipts to unpaid invoices based on both the reference number and the invoice number.
  • Processing of card receipts, including differentiation of service fees and their expense entries.
  • Automatic processing of currency transactions.
  • Making payments to employees and treating salary payments as a lump sum.

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