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(Not so) automatic bankconnections

May 28, 2015 Lisa Perales 0 Comments

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This week, the Dutch guide “Accounting Software 2015” has been published. The guide offers its readers a complete overview of available accounting software in the Netherlands. According to FM.nl, the majority of the accounting software is still missing some important functionalities, such as being able to establish automatic bank connections.

According to FM.nl, the accounting software providers are not the ones to blame for this missing functionality. The three largest banks in the Netherlands, ABN AMRO, Rabobank and ING, offer the option to automatically send electronic bank statements to the accounting software, which means that there is no need for manual up and download anymore. Establishing this connections appears to be quite simple and easy, however, experiences in practice have proven the opposite.

When establishing a bank connection between accounting software and the banks, the three largest banks choose the software providers they want to work with. This entails that not every software provider is able to establish their own bank connection, simply because the bank has not chosen their accounting software. As a result, only the larger software providers have established the automatic bank connections and the smaller organizations are naturally excluded. In other words, establishing an automatic bank connection is not as easy as the banks portray it to be.

PowertoPay realises that the Dutch banks don’t have a uniform solution for this automatic bank connection issue. Moreover, the connections require lots of maintenance, even for the larger accounting software companies. Therefore, accounting software providers should ask themselves: “Do we even want our own bank-connection”?

PowertoPay has developed a simple and easy solution for accounting software providers of all sizes. Our solution, the “Payments as a Service” platform, allows accounting software providers to automatically connect to multiple banks. Since our platform already established multiple automatic bank connections, the process is easy. The software providers connect to our platform, and we connect them to the banks. This allows customers of the accounting software to automatically import their statements into their accounting software. Moreover, customers are even are able to initiate payments from the platform. Getting connected to multiple banks via the PowertoPay platform entails that software providers do not have to support and maintain multiple bank-connections, but can only focus on one connection: the connection to the PowertoPay platform. Simple, easy and effective.

  Find out how to manage multi-bank payments here!