The Bank Feeds SuiteApp enables you to automate the transfer of your bank data from certain financial institution accounts into NetSuite. The SuiteApp uses the Financial Institution Connectivity Plug-In and an authorized account information service provider to securely access online financial institution data.
The SuiteApp retrieves bank data daily to ensure that everything in your bank account is reflected in NetSuite. It then imports the data into your account to aid with the bank reconciliation process. This process eliminates the manual effort of importing and matching your banking data in NetSuite.
This SuiteApp enables you to connect to certain financial institutions that operate globally, and some that are country-specific. For some connected financial institutions, the SuiteApp enables you to:
- Receive cleared and processed bank transactions daily from your financial institution accounts
- Automate the import of bank transactions and account balances daily from your financial institution accounts into your NetSuite account
- Manually trigger real-time bank transactions and account balance import into NetSuite
The SuiteApp connects to your financial institution through either of the following, depending on your financial institution’s requirements:
- Simple login – Connect to your financial institution by providing only your username and password.
- Multifactor authentication (MFA) – In addition to your username and password, connect to your financial institution by providing authentication information to validate your identity. Examples include one-time passwords and two-factor authentication (2FA).
Only roles with Administrator access or custom roles with Financial Institution Records permission can set up bank feeds integration.