The Bank Feeds SuiteApp automates the transfer of our bank data from your financial institution accounts into NetSuite. The SuiteApp uses the Financial Institution Connectivity Plug-In and an authorized account information service provider to securely access online financial institution data.
The following steps are required for connecting Connecting Europe Financial Institutions to NetSuite Using Bank Feeds. The following procedure describes how to connect single or multiple PSD2-regulated financial institutions in Europe to NetSuite. The same procedure also applies if you want to connect to financial institutions operating globally and are not country-specific.
Before you proceed with connecting our financial institution to NetSuite, take note of the following:
- This task requires Administrator access or a custom role with required permissions for bank feeds setup.
- To display the configuration window, enable popups in our browser.
To connect NetSuite to a financial institution operating in Europe:
Go to Setup > Accounting > Financial Statements > Financial Institution > List.
On the Financial Institution page, click View next to the Bank Feeds financial institution record. On the Format Profile: Configuration subtab, click Edit next to Connect to Europe Accounts. On the Connect to Europe Accounts Format Profile page, click the Connectivity Configuration subtab.
Register our account with the Authorized Account Information Service Provider (AISP) of NetSuite.
If we are connecting to a financial institution for the first time, we must first register our NetSuite email address with Salt Edge Limited, the AISP of NetSuite. Read and acknowledge the information on the page. Make sure you are authorized to register your NetSuite account to Salt Edge Limited.
Check the value on the Email field. The Email field automatically populates with the email address you are currently using to log in to NetSuite.
Click Register.
An email notification will be sent to the email address to confirm our registration and access to our Salt Edge Dashboard account. On the Salt Edge Dashboard, we can review and delete configuration consents.
In the popup window that appears, perform the following steps:
Search our financial institution by entering a name or a keyword. Select our preferred financial institution from the result list. The Connectivity Configuration subtab is masked and we cannot make any changes until we have completed the configuration setup. To close the popup window, click Cancel, or close the window to go back to the Connectivity Configuration subtab. Depending on our selected financial institution, enter our login credentials or grant NetSuite access to our account. Click the Show Instructions expandable content for more information. Click Next.
To comply with Europe’s anti-money laundering and KYC (Know Your Customers) requirements, you must validate your identity during registration. Enter your full name or select the ownership type of the NetSuite account you are registering. In some cases, you must provide both pieces of information.
Note: Additional information may be required as part of the KYC requirements.
Click Proceed. Read the notice on data sharing and then acknowledge by checking the box on the page to grant consent to Salt Edge Limited. Click Confirm.
The system will then validate your login credentials and start establishing a secure connection to your financial institution. We may also be redirected to our financial institution’s website to grant NetSuite access to our account before the system can start establishing a secure connection. Progress of our configuration process appears.
If we are configuring an MFA (Multi-Factor Authentication) account which requires additional validation, enter the necessary confirmation and then click Next. The configuration setup continues by retrieving all associated bank and payment accounts from your financial institution. In some situations, your financial institution will require you to select associated accounts you want to include for bank feeds integration. To proceed, check the box next to the bank or payment account we want to include.
Note: Only select bank or payment accounts supported by the Bank Feeds SuiteApp. Selecting a non-supported account type such as loan, mortgage, or investment will not apply to our bank feeds setup.
After the configuration process is completed, the configuration window automatically closes and then we will be redirected back to the Connectivity Configuration subtab. The Connectivity Configuration subtab page is refreshed with your configured connection. All active financial institution connections are listed under the Connections subtab, while all connected bank and credit card accounts are listed under the Accounts subtab.
To connect and set up another financial institution account in NetSuite, click Connect New Institution. You can connect to a different financial institution or the same financial institution but using a different login credential. After entering the required configuration data, continue to the Account Linking subtab. From each Linked GL Account dropdown list, select a bank or credit card account in NetSuite we want to link to the adjacent accounts. See Linking Accounts for Financial Institution Connectivity. Click Save on the format profile record.