Import and reconcile payments in no time

Is your company receiving a lot of incoming payments per day? Are you using more than one bank? Softera.Bankfeed saves time and prevents mistakes by automating the import of bank statements and the reconciliation of payments.

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Most useful if you:

Receive many payments

Use more than one bank

Want to post transactions quickly and error-free

Want to view payments in real time

Have operations in multiple countries

98% less manual work

Softera.Bankfeed allows you to automate these banking procedures: bank statement import into Microsoft Dynamics 365 Business Central as well as incoming payment recognition and reconciliation with issued invoices.

Supports all European banks, including Santander, ING, Barclays, HSBC, Swedbank, Revolut, PayPal, Stripe, Wise, American Express, N26 and others.

Supported banks by country

Immediate added value

Time-savingSignificantly less manual work due to the automatic bank statement import and payment reconciliation
ReliableNo more errors: Softera.Bankfeed automatically matches payments with invoices according to pre-defined rules
EffectiveEasy substitution during vacation and faster order execution because of the real-time payment information in Business Central: no need to log into banks
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Which plan suits your needs?

Monthly fee
Per company

No. of bank accounts

1-month free trial
Full version

Automatic bank statement import

Payment recognition & reconciliation

Payment & other platforms
(Kevin, Klarna, Paysera, etc.)

Small business

149 €

1-3

included

included

included

+ 150€

Standard business

249 €

4-10

included

included

included

+ 150€

Enterprise

429 €

unlimited

included

included

included

+ 150€

Frequently asked questions

Which bank formats does Softera.Bankfeed support?

Softera.Bankfeed supports the most common bank formats worldwide:

  • CAMT.053 (financial statement import)
  • CAMT.052 (financial statement import)
How does the reconciliation procedure work?

Financial statement files automatically travel through the API from bank to Microsoft Dynamics 365 Business Central and end up on a separate table. A register of statements is kept. Payment Journal entries are then automatically created from the statements. During the creation of Payment Journal entries, payment entries are automatically reconciled with the issued invoices (customer identification and reconciliation with the issued invoices is performed). Depending on the settings made, there is a possibility that the entries will be posted automatically or manually. Unrecognized entries are left in the Journal and can be reconciled manually.

How do amount recognition and allocation work?

Using defined recognition rules, Softera.Bankfeed searches for open items independently and reliably, and all rules are processed serially. After a match is recognized (e.g. customer number, invoice number, transfer subject, amount), Softera.Bankfeed creates an entry and jumps to the next bank statement line for further processing.

How high is the payment-invoice matching rate?

The matching rate highly depends on proper system settings and the definition of statement formation as well as the quality of data. Typically, Softera.Bankfeed achieves a matching rate of at least 95%. Each bank statement recognition enables continuous improvement and maintenance of recognition rules.

What are the technical requirements for Softera.Bankfeed to work?

Softera.Bankfeed works as an add-on for Microsoft Dynamics 365 Business Central, therefore the usage of this ERP system is necessary.

Before implementing the solution, we recommend checking if the following conditions are met:

  1. Open banking API (PSD2)* is not occupied.

If you use some online payment provider services (Wordline, Wordpay, etc.) they can be connected through open banking API. Therefore, Softera.Bankfeed will not be able to connect to this API as it is already occupied. In these situations, we can offer connecting Softera.Bankfeed through the bank’s direct API, known as a Gateway. However, it usually requires additional banking fees and additional implementation hours.

  1. Bank statement information needed for recognition and application.

Even though open banking is regulated using 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 because of the lack of data, Softera.Bankfeed will not be able to identify customers/vendors or documents properly.

Here is a list of mandatory bank fields which are needed to enable Softera.Bankfeed 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 document is identified
  • debtorAccount – vendor recognition by IBAN
  • debtorName – vendor name comparison when 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

*The Revised Payment Services Directive (PSD2) is a set of laws and regulations for payment services in the European Union (EU) and the European Economic Area (EEA). Under this payment services directive, banks and other financial institutions are required to provide APIs (Application Programming Interfaces) for regulated and licensed external services providers, commonly referred to as third-party providers. This practice when banks provide APIs for third-party providers is also known as Open banking.

How does the installation process look like?

To install the Softera.Bankfeed solution and start using the 1-month free trial, click the “Free trial” button on the Microsoft AppSource.

The solution is packed with useful tools so that you would be able to install it and start using on your own in a matter of a few hours:

  • Assisted setup for Softera.Bankfeed preparation and bank account connection – HERE is a video on that
  • Guided tour that introduces you to the fields, pages and functions of Softera.Bankfeed – HERE is a video on that
  • HERE is a detailed user manual 
  • Usually for the payment recognition setup, customers ask for 4-6 hours of assistance from Softera’s side. In such a case, please reach out to us at hello@bankfeed.com

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