Bank interface

The Banking Interface is the link between your business software and Estonian banks.
Our extensive technology expertise enables us to assist you in the design, configuration and management of integration applications.

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Larger companies initiate hundreds and thousands of payments every day. Sending them as a file to a bank entails security risks and the time needed to enter the banking system.

With the banking interface, payments are sent to the bank directly from the business software. All the user has to do is 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 on the payment status and the bank’s feedback directly from the same worksheet.

Internal company procedures may provide for different rules for the authorisation of payments, ranging from single person authorisation to multiple authorisation rounds.

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

In the banking interface, the validation has been moved directly to the business software.
It is possible to set the number of signatures, the fulfilment of which is a prerequisite for sending payments to the bank. When creating a payment, the user can add a digital signature to the payment, or designate a second person to approve the payment.

The authorising officer will receive a reminder via the system and will be able to see the content of the payments he/she has been assigned to sign. The confirmation can be added to the entire payment at once, regardless of the number of payment orders it contains.

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

 

The banking interface includes automatic acceptance of account statements from the bank. In addition to the account statements received from the main banks via the e-channel, it is also possible to import account statements from a file. This will also allow the use of automatic withdrawal processing at banks with which there is no e-channel agreement.

If you wish, you can receive real-time notifications of transactions on your account from the bank. This is useful if, for example, the release of goods is conditional on the customer paying the invoice.

The banking interface can also be used to check the balance of your account in real time to check the available funds.

Depending on the number of banking transactions, a large proportion of accountants’ time may be spent on recording them in the business software.

An account statement may have a large number 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 to whom the invoice was issued.

The banking interface includes a reconciliation of the bank statement, which is able to process all the transactions contained in the bank statement and create the necessary accounting entries on the basis of these transactions, leaving the user with only the verification and validation. The processing rules included in the interface can be easily adapted to the needs of the business.

When processing the statement, you can use all the data provided by the bank about the transaction, such as the transaction type, reference number, payment explanation, counterparty details, etc. For example, you can find the invoice to which you are due by looking up the reference number of the transaction, either from outstanding invoices or from customer records. If reference numbers are not used, the invoice can also be found by using the payment explanation, by searching for the invoice number included in the explanation in the customer’s outstanding invoices.

Based on the service charge entries, expense records are automatically generated for worksheets using predefined general ledger accounts and dimensions.

In the same way, the banking interface can process more complex transactions such as currency transactions or card payments.

The use of the banking interface helps to ensure that all transactions contained in the account statement are automatically reflected in the ERP.

When the extract is processed, the reconciled records are linked, allowing the user to quickly see which records are not matched and which need to be checked again.

With the interface, payments can be made without leaving the business software and their status can be viewed in real time. Transactions contained in the account statement are transferred to the software and can be automatically reconciled to invoices without user intervention. The connected banks are Swedbank, SEB, LHV and Luminor.
The banking interface has been created for Microsoft Dynamics 365 Finance and its older versions.
For Dynamics AX 2012, AX 2009 and AX 4.0 and Dynamics NAV 2017 and 2018.

Why a banking interface?

The Banking Interface makes it easier, faster and safer to exchange payments and statements with your bank.
What makes the solution convenient for the user is that payments can be digitally signed directly in the business software, and signatures can be added to the same payment by several persons, if they are necessary for the bank to execute the transfer. Payments are transferred between the business software and the bank only through a secure channel, and the user does not need to save payment files to a hard disk or log in to the Internet Bank separately.

Receiving, processing and automatically linking bank statements and receipts saves accountants in larger companies hours of time each week.

Advantages of a bank link

  • Forwarding payments directly to the bank, adding digital signatures and tracking payment status.
  • Payments from the general ledger worksheet to make transfers between your own accounts or to third parties whose details are entered directly in the worksheet entry.
  • Tracking bank account balances: both end-of-day balances and current available funds.
  • Automatic import of account statements.
  • Full processing of bank statements and creation of accounting records.
  • Automatic linking of receipts to unpaid invoices by both reference number and invoice number.
  • Processing of card receipts, including differentiation of charges and their cost reports.
  • Automatic processing of currency transactions.
  • Making payments to employees and treating salary payments as a lump sum

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