Introducing Bank-Connect, a new system that provides a direct connection to banks and other financial services (open banking and Fintech).
What data does the accounting service obtain?
The accounting service will receive bank statements through an interface that acts as a direct link between online banking and accounting software – only data on past transactions will be transferred from your transaction account.
It is NOT possible to carry out any payment transactions or access financial assets through the interface.
What are the advantages of such a method of providing bank statements?
The key moment in the digitization of accounting is the automation of all routine and repetitive tasks – including the delivery and processing of monthly documentation.
With the automation of banking operations, it is possible to ensure fast and secure exchange of payment document information between the company's information system and the bank's information system.
With our solution, accounting services will gain quick access to their clients' bank statements, which means that clients will no longer need to export and send bank statements from online banking for accounting purposes.
How does DigiAce ensure data security?
We are aware that security is of paramount importance in online banking, which is why we use the services of the internationally recognized provider for our digital open banking solution.
What is Bank-Connect?
Bank-Connect is a solution that, through a partnership with an international financial provider, enables the automatic export of data via a Bank-Connect interface, converting the transaction into a comprehensible and standardised XML file that can then be directly imported by the accountant into accounting software.
Check all supported banks and services here: Supported banks and services
They also support foreign open banking solutions such as PayPal, Revolut, Stripe, Wise... With their interface, we no longer need to manually export data from banks and then send it to accounting services. All we need to do is grant consent, which is sent to us by the accounting service by clicking on the link and following the instructions. Once the connection is established, the accounting service will AUTOMATICALLY obtain your transaction data. This saves us time and eliminates the possibility of errors, as the data comes directly from the bank.
Steps to ensure data security provided by Bank-Connect:
- All customer data is handled in accordance with European legislation, including the GDPR law.
- All communication between the server and the client is encrypted and secure. (256-bit SSL encryption)
- Certified company according to ISO 27001 standard – internationally recognized information security standard.
- Authorized by the Financial Conduct Authority (FCA) to provide payment services. FCA is an independent regulator of financial companies and traders in the UK.
How does our application ensure functionality and security?
Our application DigiAce serves as a connector between financial services and your accounting service. DigiAce automatically exports data via the Bank-Connect interface, converts transactions into a understandable and standardized XML file, which the accountant can then directly import into accounting software.
We also ensure security through:
- All data is exclusively accessible to your accountants, no one else, as the data is deleted from our server immediately after transfer,
- we also operate in accordance with European data protection legislation GDPR,
- access to our application is secured with an SSL certificate issued by Google Trust Services LLC.
For more information about security, visit our provider's dedicated page: Security | GoCardless