An article last week in the online software publication BoxFreeIT has highlighted the consequences of using unverified and/or non bank-sanctioned data feeds for accounting and bookkeeping purposes.
What we are seeing now is the result of some suppliers working on the assumption that providing a reliable bank data feed service is as simple as plugging into a data feed from banks (or data aggregators).
BankLink’s vast experience has taught us that a reliable data feed is only possible by having direct contractual relationships with banks, by receiving data from the appropriate systems in those banks and by verifying every transaction we handle (some 15 million per month!).
This is why some of the big guys (MYOB, CCH) have looked at doing data feeds themselves but, having realised what’s involved in doing it right, have turned to BankLink to provide data feeds for them. It’s also why 5000+ accountants rely on BankLink for accurate, reliable, bank data feeds.
Click here to read the full article “Check Unreliable Bank Feeds in Xero, Saasu: Bookkeepers” by Sholto Macpherson, and the 31 comments posted as a result.