PayTraq Blog

Direct Integration with Swedbank Gateway

Tags: accounting, updates, bank feeds, integrations

Starting today, all Swedbank customers can take advantage of using an e-banking channel for automatic uploading of bank statements to PayTraq and receiving notifications about both incoming and outgoing payments.

Electronic banking channels, also known as bank feeds, are becoming increasingly popular offering the benefits of fully automated banking operations for accounting. With bank feeds, you can say goodbye to time-consuming manual operations and out-of-date method of exporting bank statements from Online Banking with their subsequent importation into the accounting system.

By integrating with Swedbank, we are opening a new direction in extending the functionality of PayTraq which is aimed, as always, at automation of your business processes and improving efficiency due to time savings and improved accuracy of the data entered.

With Swedbank Gateway, you no longer need to enter your Online Banking to export your bank statement and check your balance. Your current bank balance is now available in the system, while all banking transactions are updated in PayTraq online.

Depending on your contract with the bank, you can choose to get a notification of each new banking transaction within a few minutes after the transaction is conducted or get a notification at night of all the banking transactions conducted throughout the day. If you choose option one, PayTraq will show all transactions in your bank account almost in real time, while option two does so with an up to 24-hour delay. In any of these cases, your current bank balance will be conveniently available to you any time.

The advantages of an e-banking channel include:

  • Eliminates the need to enter data manually, automatically uploads all banking operations to PayTraq
  • Improved speed and accuracy of the data entered
  • All operations in your bank accounts are updated in real time reflecting the current financial position of your business.

The automatic reconciliation

Along with our first bank feed integration, we want to announce a new feature enabling users to process the banking operations they download. Now a bank reconciliation can be performed automatically.

With our automatic reconciliation feature, you can automatically process all operations for which exact matches are found, for example, to add an incoming payment to the invoice.
The automatic reconciliation is available for both bank feeds and manually uploaded bank statements.

What do you need it for? Swedbank Gateway coupled with the automatic reconciliation feature can save you up to 90% of the time which you previously spent on processing of your banking operations. On top of that, this will enable you to monitor your current accounts receivable in real time which will be updated automatically as payments come to your bank account.

How to enable Swedbank Gateway?