The Envestnet Yodlee Bank Feeds Extension
To quickly reconcile payments made to your bank accounts, the Envestnet Yodlee Bank Feeds service allows you to link your system bank account to your online bank account. This means that the latest bank statement is automatically or manually fed into your reconciliation journal, ensuring that you are always processing the latest payments with minimal risk of errors.
The Envestnet Yodlee Bank Feeds service is only supported in the United States and Canada.
This functionality is only supported in the online version of Business Central. To use this functionality on-premise, you must obtain a cobrand account from Envestnet Yodlee.
Due to the new Payment Services Directive in Europe (PSD2), after September 14, 2019, you will no longer be able to automatically import bank statements from banks in the United Kingdom into Business Central. We are looking into the possibility of offering this feature again in the future.
The Envestnet Yodlee Bank Feeds service provides the following benefits:
- Removes the need for manual entry.
- Improves efficiency and accuracy when doing payment reconciliation.
- Supports a large number of banks.
- Allows up-to-date information about bank transactions from within Business Central.
- Supports manual as well as automatic bank feeds.
- Enables outsourcing of payment reconciliation to an accountant by providing access to bank statements.
For more information, see Set Up the Envestnet Yodlee Bank Feeds Service.