Unlocking Efficiency with Bank Feeds
In this article, we delve into the power of bank feeds, which seamlessly connect bank accounts with ERPs, enhancing traditional financial workflows. Eliminating the need for manual data entry, bank feeds take the headaches out of your bank reconciliation processes.
What are Bank Feeds?
Bank feeds facilitate the seamless flow of data between bank accounts and ERPs, improving financial workflows. This digital link enables the automatic import of bank transactions regularly, providing a dataset that you can work with to match transactions with new or existing entries.
FISPAN partners directly with your bank to establish a reliable, secure flow of transactions from your bank into the reconciliation module of your ERP. This process occurs automatically on a daily basis, ensuring the delivery of up-to-date financial data without manual intervention.
Unlocking Efficiency: Manual Data Entry Becomes a Relic of the Past
Bank feeds ensure the accuracy of your accounts and save you valuable time. By handling the heavy lifting of integration, FISPAN empowers businesses to access banking data seamlessly, without having to worry about custom implementation processes.
FISPAN’s bank feeds offer:
- Simple Configuration: Once installed, your business can begin reaping the benefits of direct bank feeds in just a few simple setup steps.
- Managed Connectivity: Our partnership with your bank means that you don’t need to worry about connectivity or file formatting – it’s all expertly managed by FISPAN.
- Accessible Transaction Data: FISPAN ensures that transaction data from your bank is readily available and securely transmitted to your reconciliation module, facilitating efficient accounting processes.
Bank Feeds vs. Screen Scraping: Overcoming Data Accuracy and Security Challenges
Bank feeds through FISPAN’s solution offer a seamless alternative to traditional screen scraping methods. Screen scraping is a data extraction technique where information displayed on a computer screen or user interface is captured and converted into a usable format for further processing or analysis.
Unlike the manual capture and extraction process associated with screen scraping, FISPAN’s solution securely accesses bank data using methods like Host-to-Host (H2H) or Application Programming Interface (API), avoiding the less reliable screen-scraping approach.
By eliminating the necessity for users to hand over their credentials to third parties, FISPAN significantly reduces risk perimeters. IT teams gain greater control over the handling of sensitive information, minimizing potential vulnerabilities associated with screen-scraping applications.
“Since FISPAN was integrated into Sage Intacct, it has exceeded my expectations, alleviating my concerns about missing data, duplication, and operational inefficiencies. I can confidently say that FISPAN is ten times more reliable, and I wholeheartedly recommend it to anyone facing similar challenges. It has significantly enhanced our day-to-day operations.”
– Brittany Russell
Bank feeds within FISPAN’s solution offer a secure, efficient, and error-resistant alternative to screen scraping, giving users and providers a reliable solution for accessing and utilizing financial information.
How Bank Feeds Work within FISPAN’s Solution
FISPAN provides bank feeds as one of the core features of its product suite. Offering a seamless integration between your ERP and your bank, FISPAN allows you to receive rich bank transaction data on a daily basis. On top of that, FISPAN provides proprietary enhancements that allow you to receive richer data than what is available in your bank portal, allowing for automated reconciliation. In the rare event of missing data, FISPAN’s solution seamlessly backfills it, ensuring the accuracy of your records. Say goodbye to exporting and importing your bank data into your ERP, FISPAN’s got you covered!
With FISPAN, you receive comprehensive support from our expert team to streamline your setup process without relying on your bank or ERP provider.
Faster Reconciliation through Bank Feeds
The trend of utilizing bank feeds for reconciliation has gained significant momentum in recent years, reshaping the way businesses manage their financial data. This is due to their capabilities in offering a seamless and automated solution for importing bank transactions directly into ERPs, eliminating the need for manual data entry and reducing the risk of errors.
This trend is fueled by the growing demand for efficiency and accuracy in financial operations, as businesses seek to streamline their reconciliation processes and gain real-time visibility into their financial status. With bank feeds, reconciliation becomes faster, more reliable, and less labour-intensive, allowing finance teams to focus on strategic initiatives rather than tedious administrative tasks.
FISPAN’s bank feeds offer automated reconciliation for payments made via the solution. Before a transaction is sent via bank feeds, FISPAN verifies if the payment was initiated through the solution. If it was, FISPAN enhances the transaction with data, such as a unique payment ID or the vendor’s name, facilitating automated reconciliation. This process reduces the time spent on reconciliation from hours or days to just minutes!
Beyond the faster reconciliation and automated matching feature, explore the additional benefits offered by FISPAN’s bank feeds:
- Improved Efficiency: Bring a level of automation to your bank reconciliation process, freeing up your team to focus less on bank statement exports/imports and more on strategic tasks.
- Enhanced Accuracy: Direct bank connectivity and automated data transmission reduce the risk of manual data entry or import errors.
- Strengthened Security: Secure API and SFTP connectivity ensures your sensitive financial data is protected in transit.
Revolutionizing Data Integrity with FISPAN’s Solution: A Consultant’s Perspective
In the quest for additional technologies to enhance Sage Intacct’s reconciliation capabilities, Brittany Russell, Founder of Strategic Accounting Outsource Solutions, discovered FISPAN—a solution that redefined expectations and reshaped the narrative surrounding bank feeds.
She said:
“We found FISPAN by looking outside the box for additional technologies to add onto Sage Intacct. Over the years, a primary source of frustration within Sage Intacct was the poor quality of data we received from alternative screen-scraping solutions. Without giving names, the existing processes left room for errors, missing entries, and unnecessary duplication. It struck me as inefficient and in need of a better approach.”
“FISPAN’s approach of directly connecting to banks has proven to provide extremely reliable bank feeds on a daily basis. It was a no-brainer for me to give it a try.”
“Since FISPAN was integrated into Sage Intacct, it has exceeded my expectations, alleviating my concerns about missing data, duplication, and operational inefficiencies. I can confidently say that FISPAN is ten times more reliable, and I wholeheartedly recommend it to anyone facing similar challenges. It has significantly enhanced our day-to-day operations.”
Unlock the Power of Direct Bank Feeds
Forget the hassle of bank statement exports and imports, and say goodbye to unreliable third-party connections. FISPAN partners directly with your bank to establish a reliable, secure flow of transactions from your bank to your reconciliation module into Netsuite, Sage Intacct and Microsoft Dynamics 365 Business Central.
FISPAN is a recommended partner by Sage for Bank Feeds!
With FISPAN’s solution, we help you streamline your workflows so you can spend less time on repetitive tasks and more time focusing on what matters most to your business. FISPAN’s bank feeds offer a secure, efficient, and error-resistant alternative to screen scraping, providing users with a reliable solution for accessing and utilizing financial information.