Bank Feeds SuiteApp - FAQ

The Bank Feeds SuiteApp is a free managed SuiteApp which automatically updates whenever there are enhancements or new features added.

The list of supported financial institutions can be found HERE

There is no way to add a new bank to the Bank Feeds SuiteApp. If your financial institution is not available in the list, we recommend connecting to your bank using the Auto Bank Statement Import SuiteApp or use a custom connectivity plug-in instead.

Bank Feeds integration with financial institutions operating in other countries are targeted for future release.

NetSuite supports international banking file formats (ISO20022 CAMT053, SWFIT MT940, BAI2, and OFX/QFX) which can be imported both manually as well as through a secure file transfer protocol (SFTP).

The Financial Institution Connectivity API supports custom connectivity plug-ins to financial institutions that are not available through our financial data aggregation partner. For more information on alternative bank integration solutions, please see Auto Bank Statement Import SuiteApp and Bank Statement Parsers SuiteApp.

The Bank Feeds SuiteApp automates the import of bank transactions from your preferred financial institutions operating in the U.S, Canada, Europe, Australia, New Zealand, and Southeast Asia.

The SuiteApp utilises 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 for bank data to be uploaded into NetSuite. The ABSI and Bank Statement Parsers SuiteApps are available in all regions.

You can use Financial Institution Connectivity API to integrate with other banks. 

Depending on your bank, you must re-authenticate every time you want to get the latest transaction from your bank. If this is not feasible for you, we recommend connecting to your MFA bank accounts using the Auto Bank Statement Import (ABSI) and Bank Statement Parsers SuiteApp instead.

This will require your administrator or any user with appropriate permission level to enter the MFA (Multi-Factor Authentication) code for the import to run successfully. If this is not feasible for you, we recommend connecting to your MFA bank accounts using the Auto Bank Statement Import (ABSI) SuiteApp instead.

No. Demo bank accounts are not available.

You will be able to exclude imported transactions that are not detected by the system as duplicates.

An automated daily import schedule is performed by the system to ensure you have an updated account balance in NetSuite. The SuiteApp also allows manual requests to retrieve and import bank data into NetSuite for on-demand bank transaction data.

The automated daily import schedule is not customisable.

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.

The NetSuite GL currency must be the same as the bank account currency. Otherwise, the import of bank data will fail.

No, only the standard Bank Feeds Parser is compatible with the SuiteApp.

Transfer of payment files electronically through SFTP (Secure File Transfer Protocol) connection is delivered by the SFTP Connector SuiteApp.

A user with an Administrator role or any custom role with required Bank Feeds SuiteApp permission can set up bank feeds in NetSuite. The automatic importing of bank data does not require a dedicated user as it occurs automatically after configuring your financial institution connection in NetSuite.

Make sure that the Use Match Bank Data and Reconcile Account Statement Pages box is checked for each individual bank or credit card account that will be imported using Bank Feeds.

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.

As of NetSuite 2020.2, this is now possible using auto create rules.

As of NetSuite 2020.2, you can manually run reconciliation rules from the Match Bank Data page.

Connecting a new account or removing an existing account on your connectivity configuration will override the existing Bank Feeds configuration in your production account. Any bank feeds configuration changes made in your non-Production environment applies to your Production environment.