Bank Feeds SuiteApp FAQ
The following questions are frequently asked about configuring the Bank Feeds integration with NetSuite.
General
How much does the Bank Feeds SuiteApp cost?
The Bank Feeds SuiteApp is a free managed SuiteApp that automatically updates whenever there are new features or enhancements.
How do I check if a bank is supported for Bank Feeds?
The list of supported financial institutions can be found in SuiteAnswers ID 90911.
If my bank is not included in the list, can I add them manually?
There is no way to add a new bank to the Bank Feeds SuiteApp. If your financial institution isn't on the list, you should connect to your bank using the Auto Bank Statement Import SuiteApp or use a custom connectivity plug-in instead.
How do I import banking data from financial institutions operating outside the current supported countries for Bank Feeds?
NetSuite supports international banking file formats (ISO20022 CAMT053, SWIFT MT940, BAI2, and OFX/QFX) which can be imported both manually as well as through a secure file transfer protocol (SFTP). For more information, see Auto Bank Statement Import SuiteApp and Bank Statement Parsers SuiteApp.
What about financial institutions that are not yet supported by Bank Feeds?
The Financial Institution Connectivity API supports custom connectivity plug-ins to financial institutions that aren't available through our financial data aggregation partner. For more information about alternative bank integration solutions, see Auto Bank Statement Import SuiteApp and Bank Statement Parsers SuiteApp.
How is Bank Feeds SuiteApp different from other NetSuite Banking SuiteApps?
The Bank Feeds SuiteApp automates the import of bank transactions from your preferred financial institutions in the U.S, Canada, Europe, New Zealand, and Southeast Asia. The SuiteApp uses a Financial Institution Connectivity Plug-in to process the automated daily import schedule of your bank data. Configuring the connection only requires your banking credentials.
The Auto Bank Statement Import (ABSI) SuiteApp requires an SFTP connection to connect to your bank. Configuring the connection requires SFTP server credentials and import file details. The SuiteApp also works in conjunction with Bank Statement Parsers SuiteApp to upload bank data into NetSuite. The ABSI and Bank Statement Parsers SuiteApps are available in all regions.
Can I use custom bank integration with the Bank Feeds SuiteApp?
You can use Financial Institution Connectivity API to integrate with other banks. For more information, see Financial Institution Connectivity Plug-in Interface Overview.
Are multifactor authentication (MFA) accounts required to be authenticated every time or is this a one-time setup?
Depending on your bank, you must reauthenticate every time you want to get the latest transactions from your bank. If this is not feasible for you, you should connect to your MFA bank accounts using the Auto Bank Statement Import (ABSI) and Bank Statement Parsers SuiteApp instead.
What if I have a token key device to access my online banking?
You'll need your administrator or a user with appropriate permissions to enter the multifactor authentication (MFA) code for the import to run successfully. If this is not feasible for you, you can connect to your MFA bank accounts using the Auto Bank Statement Import (ABSI) SuiteApp instead.
Is there an ability to connect to a demo bank server or run the Bank Feeds SuiteApp in test mode?
No. Demo bank accounts are not available.
The setup will download the last 60 days of your bank data into NetSuite. What happens if the same transactions were already imported into NetSuite through manual import?
You'll be able to exclude imported transactions that are not detected by the system as duplicates.
Can I get real-time feeds from my financial institution?
The system runs an automated daily import schedule to ensure you have an updated account balance in NetSuite. The SuiteApp also lets you manually request and import bank data into NetSuite for on-demand bank transaction data.
Can the import schedule be customized to multiple times a day?
The automated daily import schedule can't be customized.
When do I use the Bank Feeds SuiteApp?
The Bank Feeds SuiteApp takes bank connectivity a step further by allowing automatic daily imports of the most up to date bank data. Additionally, the SuiteApp lets you connect multiple bank accounts from different financial institutions.
What will happen if a credit card GL account in NetSuite and a connected bank account have different currencies?
The NetSuite GL currency must be the same as the bank account currency. Otherwise, the import of bank data will fail.
Can I customize the Bank Feeds Parser?
No, only the standard Bank Feeds Parser is compatible with the SuiteApp.
Will I be able to send an electronic payment file to my bank or financial institution?
Transfer of payment files electronically through SFTP (Secure File Transfer Protocol) connection is delivered by the SFTP Connector SuiteApp. For more information, see SFTP Connector SuiteApp.
Does it need a dedicated user for the upload?
A user with an Administrator role or any custom role with required Bank Feeds SuiteApp permission can set up bank feeds in NetSuite. Automatic bank data imports don't require a dedicated user as it occurs automatically after configuring your financial institution connection in NetSuite.
My financial institution data successfully imported to NetSuite, but why am I unable to see it on the Match Bank Data page?
Make sure that the Use Match Bank Data and Reconcile Account Statement Pages box is checked for each bank or credit card account that will be imported using Bank Feeds.
What happens if an existing import bank transactions feature is already available in my NetSuite account?
This is an alternative way to import bank data into NetSuite. The SuiteApp removes the manual process of uploading the bank data into NetSuite as everything is done automatically.
Will my imported bank data automatically create transactions in NetSuite?
Starting with NetSuite 2020.2, you can do this using autocreate rules. For more information, see Automatic Creation of Account Transactions.
Is it possible to run the matching process on my existing transactions but not trigger a new import?
Starting with NetSuite 2020.2, you can manually run reconciliation rules from the Match Bank Data page. For more information, see Manually Running Reconciliation Rules.
Can I test or set up the Bank Feeds SuiteApp in a non-production account? Example, a Sandbox or a Release Preview account?
Connecting a new account or removing an existing account on your connectivity configuration will override the current Bank Feeds configuration in your production account. Any changes you make in your non-Production environment also applies to your Production environment.
Bank Feeds U.S. and Canada
Who can use the Bank Feeds SuiteApp?
The Bank Feeds SuiteApp caters to small and medium-sized companies that require direct connection to their financial institutions operating within Canada and the United States.
If you expect high-volume of transactions, use the NetSuite Auto Bank Statement Import SuiteApp and the Bank Statement Parsers SuiteApp.
Does Bank Feeds support financial institutions in the U.S. and Canada that has multifactor authentication?
Yes. However, due to the nature of multifactor authentication (MFA) accounts, failed daily imports of MFA accounts will occur when the security token needs to be refreshed. To get your latest data, you are required to reauthenticate for the bank retrieval and the import process to be successful. For more information, see Multifactor Authentication in Bank Feeds.
What is the difference between the two format profiles used to connect to financial institutions in the U.S. and Canada?
While both format profiles let you connect to banks in the U.S. and Canada, they differ in the number of supported banks and account limits. The U.S. and Canada Accounts (MX) format profile has higher account limits and supports more financial institutions. For more information, see Limitations of Using the Bank Feeds SuiteApp and Supported Financial Institutions for Bank Feeds SuiteApp.
Can I set up connections using both format profiles at the same time?
You shouldn't set up connections using both format profiles. The same transactions will be imported from both connections and cause duplicates during reconciliation.
I want to switch to the other format profile. What will happen to my existing connections using the old profile?
Imported transactions from the old profile will be retained. However, connections using the new profile will import transactions from the last 60 days and will cause duplicates during reconciliation. The duplicate transactions will have to be manually excluded.
How will I know if my bank has migrated to an Open Banking site?
Starting with version 22.1.0, the SuiteApp enables you to connect with and import your bank data from financial institutions that use Open Banking technology. For the list of supported open banking sites, see SuiteAnswers ID 1013000.
What is the difference between connecting my NetSuite account to open banking sites versus screen scraping sites?
When you connect to screen scraping sites for bank feeds, you provide your banking login credentials to the Authorized Information Service Provider (AISP) through your format profile. Then, the AISP logs in on your behalf and retrieves your bank transactions for import.
When you connect to open banking sites, you're prompted to log in directly to the financial institution site instead of providing your credentials to the AISP. After authenticating, you must also grant the AISP access and allow to retrieve your bank transactions for import to NetSuite.
Bank Feeds Europe and Other Countries
Does Bank Feeds support financial institutions in Europe that require multifactor authentication?
Yes. However, because of how multifactor authentication (MFA) accounts work, daily imports can fail if your token needs updating or your consent expires. To continue receiving daily updates from your financial institution, update your MFA token on the Connectivity Configuration subtab of your format profile record. For more information, see Managing Regulated Europe (Salt Edge) Financial Institution Connections.
I see that the SuiteApp is free but are there any fees from Salt Edge Limited?
No. The service is free of charge.
Does the SuiteApp require any setup on the financial institution’s site?
No. If Salt Edge Limited supports the financial institution you're trying to connect, you need to log in to your financial institution using the Bank Feeds SuiteApp.
If an employee sets up the registration for Bank Feeds and then eventually leaves the business, how does this affect the connection configuration?
There is a separate Dashboard provided by Salt Edge Limited which allows the user to change the email address mapped to the Bank Feeds account. Access to this dashboard is included in the email sent after initial registration. It's suggested that before the employee leaves the business, the access is transferred. Transferring access doesn't affect the data that has been previously connected to NetSuite
Are there any limitations on the amount of transactions in an account?
To avoid performance degradation, don’t set up a bank data import with more than 10,000 transactions. If an import process reaches the transaction limit, the remaining transactions are imported on the next scheduled or manually initiated import. To manually initiate the system to import bank transactions, see Updating Imported Bank Feeds Data. For more information about the SuiteApp’s current limitations, see Limitations of Using the Bank Feeds SuiteApp.
Since U.K. is no longer part of the European Union, is the SuiteApp compatible with financial institutions operating in the U.K.?
Yes.
Is there an alert notification when the expiry date of a connection is already due?
Notification isn't supported. The expiry date of a financial institution connection is available on the Connectivity Configuration subtab of the Regulated Europe Accounts (Preferred) format profile.
Does the SuiteApp allow connection to U.K. bank accounts?
Yes. Please refer to SuiteAnswers ID 90911 for the full list of supported financial institutions.
Are the following fields: Connection Expiry Date and Last Successful Import, searchable through saved search or analytics?
The Consent Expiry Date field is not searchable. For the Last Successful Import, refer to topic Banking Import History.