At present in the UK there is no read only interface which is standard across all banks, or even any two banks.
Some accounting portals rely on a third party to simulate bank clients logging into their accounts to provide a ‘bank feed’, but this requires that you pass username, passwords etc to allow this, which is obviously not secure.
Instead, we have implemented a bank link, which means you can send transactions to the portal once you are already logged into your bank, the main advantages over a bank feed being:
- There are no security issues, as you do not share bank details.
- You don’t need to wait until the bank feed runs, you control when transactions are uploaded.
When installed, this appears as a small button on the browser and after entering your unique portal PIN, you can simply login to your bank as usual and press the upload button to securely send transactions.
When uploading, the bank data is scanned for an account number match against your defined bank accounts in the portal to ensure the transactions are allocated correctly.
Then simply filter your bank on the transactions you wish to upload (month, week, etc), and copy the whole page into the smart upload panel on the portal.
The transactions will be extracted from the uploaded page, and these will appear as bank entries in the bank statement area of the portal.
You can setup income, expense and other payment type rules, and these are used to match descriptions in the uploaded bank transactions.
If you prefer not to have imported transactions automatically posted using rules, you can opt to process all or certain uploaded bank entries manually.