Fusion5 Bank Feed Integration (BFI)

Does your accounts processing need a boost? Fusion5 Bank Feed Integration (BFI) is a pivotal tool that will optimise your financial operations, maximise efficiency, and ensure the utmost security for your financial data.

Custom built by Fusion5, BFI provides a seamless and secure link between NetSuite, and your banking institution. It boasts an array of features and advantages that can make a substantial impact on your financial processes.

Discover how Bank Feed Integration for NetSuite from Fusion5 can:

  • Speed up accounts processing
  • Automatically, upon approval, send payment files to your bank
  • Achieve seamless vendor payment processing and bank reconciliation
  • Set up a secure, direct connection with your bank
  • Remove risks related to security and human error

Key benefits of NetSuite Bank Feed Integration

  • Payment processing
    Payments are a big part of your business, so don’t let it be a big part of your day too. BFI takes the reins when it comes to automating the transfer of bank files for payment processing, reducing the need for manual intervention and mitigating potential risks.
  • Take the hands-off approach
    With BFI, you can make your payments in NetSuite – and then, on your approval, these are sent directly to your banking institution for processing, with no need for manual intervention to upload the file to the bank.
  • BFI works with all major banks
    It’s also designed to accommodate various bank file formats, making it adaptable to the unique requirements of different banks and organisational needs. BFI excels at ensuring seamless vendor payment processing, guaranteeing that your financial transactions flow effortlessly.
  • Precision
    By automating the handshake between your accounting software and your bank, BFI minimises the chance of human errors in data entry – and saves your team a lot of time and effort that can be better used elsewhere.
  • Efficiency & reduced errors
    BFI eliminates the need for manual data entry and intervention in payment processing, allowing you to handle any volume of financial transactions with ease. Automatic payment processing with BFI reduces the risk of errors and fraudulent activities that can occur through manual intervention.
  • Real-time insights
    You need immediate insights so you can make better decisions. BFI can provide real-time or scheduled updates of financial transactions, empowering businesses with an up-to-the-minute view of their financial status.
  • Security
    SFTP, HTTPS and SSH work together in BFI to ensure the safe transmission of sensitive financial information. This robust security framework not only protects your financial data during transmission but also mitigates the risks associated with manual intervention in payment processing. With BFI, you can rest assured that your financial information remains shielded from unauthorised access and cyber threats, providing peace of mind in an increasingly digital financial landscape.
  • Bank reconciliation
    With Fusion5’s BFI, the hassle of manually matching transactions in your accounting software with those in your bank statements becomes a thing of the past. Transactions are automatically uploaded to your NetSuite account, and with the use of NetSuite’s bank reconciliation rules, you can reduce the need for manual reconciliation drive efficiencies. By automating the reconciliation process, BFI not only saves valuable time and resources but also enhances the accuracy and precision of your financial data, reducing the likelihood of reconciliation discrepancies.
  • Diversity
    BFI supports various bank file formats and is adaptable to the diverse requirements of different financial institutions like Westpac, NAB, CBA, BNZ, ANZ, Bank of America, and more. This adaptability makes it a versatile solution for businesses with a broad banking landscape. Plus, BFI can consolidate financial data from multiple bank accounts and in various currencies, providing a unified view of your company’s financial position.

Connecting bank feeds securely

Fusion5’s Bank Feed Integration (BFI) for NetSuite establishes a secure connection for seamless vendor payment processing and bank reconciliation, offering benefits such as secure connectivity, automatic file sending, support for multiple bank formats, increased accounting efficiency, and time savings through automation.

Payments – the lifeblood of any business – can now be seamlessly processed within your accounting software and automatically dispatched to your banking institution with your approval.

BFI minimises the margin for human error and significantly streamlines the payment process for better business and better decision making. Make the cumbersome task of manual reconciliation a thing of the past.

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