In PayTraq, you can enable the automatic transactions upload from the major banks (this integration is provided in cooperation with one of the largest European aggregators – GoCardless). Bank coverage depends on the country of your business account. The full list of all supported banks is available here.
In order to connect, first make sure you have added the correct IBAN number for every money account in the program.
Then go to the Money -> Bank Accounts section, and then to the "Bank Feeds" tab.
Here you can see the list of the channels available for the connection. Those that can be connected using Open Banking API, contain record "Open Banking".
After you have chosen the feed and clicked on the "Activate" button, you will be redirected to the aggregator’s authorization page, where you need to confirm your consent to receive the data in PayTraq.
After that, you will be redirected to the bank webpage for the authorization and the final approval.
Please note that one of the Directive PSD2 requirements is that after 90 days you need to re-authorize the connection to the bank data transfer channel. The expiration date of the current connection is displayed in the channel information.
Once connected the transactions of the last 5 days will be uploaded within a couple of minutes. All future uploads will be processed automatically on the regular basis 2 times per day.
For every connected bank account there will be also the bank balance shown next to the PayTraq balance.
Hint: If you have several bank accounts in the program, connect them on the same day in order to re-authorize them in one go after 90 days.
You can achieve even higher level of automation if you enable the automatic reconciliation after the activation of the bank channel.