How to: Set Up the Bank Data Conversion Service

A global provider of services to convert payment information to any data format that your bank requires is connected and ready to be enabled in Financials. This is referred to in Financials as the bank data conversion service.

You can export payment lines from the Payment Journal window to a file or a data stream that you then upload to your bank for automatic processing so that you do not have to make electronic payments individually. For more information, see How to: Export Payments to a Bank File.

You can import bank statement files into the Payment Reconciliation Journal window by using the bank data conversion service to convert a file that you receive from your bank to a data stream that Financials can import. For more information, see How to: Apply Payments Automatically and Reconcile Bank Accounts.

As an alternative to importing bank statements with the bank data conversion service, you can use the Envestnet Yodlee Bank Feeds service. For more information, see How to: Set Up the Envestnet Yodlee Bank Feeds Service.

To import or export bank files, you must set up your own bank account and your vendors' bank accounts. For more information, see How to: Set Up Bank Accounts.

Note

The bank data conversion service may impose a limit on the number of lines that can be exported in one file. You will receive an error message if the limit is exceeded. It is recommended that bank statement files do not exceed 1000 lines as the processing time in the bank data conversion service may otherwise increase significantly.

To sign your company up for the bank data conversion service

  1. Choose the Search for Page or Report icon, enter Bank Data Conv. Service Setup, and then choose the related link.
  2. The Bank Data Conv. Service Setup window opens with three fields prefilled with relevant URLs of the provider of bank data conversion service.

    Note

    In the CRONUS International Ltd. demonstration database, the User Name and Password fields are prefilled with demonstration logon information, which you will replace with your company’s actual information as you sign up for the bank data conversion service.

  3. In the Sign-up URL field, choose the browser button to open the service provider’s sign-up page.
  4. On the sign-up page of the bank data service provider, enter the user name and password for your company’s subscription to the service, and then complete the sign-up process as instructed by the service provider.

    Your company is now signed up for the bank data conversion service. Proceed to enter the user name and password that you specified for the service in the related setup fields in Financials.

  5. In the Bank Data Conv. Service Setup window, in the User Name field, enter the same value that you entered as logon name on the service provider’s page in step 4.
  6. In the Password field, enter the same value that you entered in the Password field on the service provider’s page in step 4.

To encrypt your login information

It is recommended that you protect the logon information that you enter in the Bank Data Conv. Service Setup window. You can encrypt data on the Financials server by generating new or importing existing encryption keys that you enable on the Financials server instance that connects to the database.

  1. In the Bank Data Conv. Service Setup window, choose the Encryption Management action.
  2. In the Data Encryption Management window, enable encryption of your data.

To view or update the list of currently supported bank data formats

  1. Choose the Search for Page or Report icon, enter Bank Data Conv. Service Setup , and then choose the related link.
  2. In the Bank Data Conv. Service Setup window, choose the Bank Name - Data Conversion List action to open the list of bank names representing bank data formats that are supported by the conversion service.
  3. In the Bank Name - Data Conversion List page, choose the Update Bank Name List action.

The list of bank data formats that are supported by the bank data conversion service is now updated. This is the list of bank names, filtered by the country/region, that you can select from in the Bank Name - Data Conversion field in the Bank Account Card window.

Note

The update of supported bank data formats also occurs when you select or enter a value in the Bank Name - Data Conversion field on the bank account.

You have now signed up for the bank data conversion service. Proceed to reflect the sign-up information on every bank account that will use the service.

See Also

Setting Up Banking
Managing Bank Accounts
Working with Financials