South Africa’s FNB bank and cloud business management solutions provider Sage, have signed a partnership agreement to offer customers direct bank feeds to simplify the process of transferring financial transaction history at no additional cost, a move that will benefit SMEs.
The FNB and Sage partnership offers the first banking service integration of its kind in South Africa between a bank and Sage’s accounting portfolio.
The direct bank feeds service will supply financial transaction history data directly into Sage accounting solutions.
FNB customers will be able to share their financial transaction history with Sage via a secure application programming interface (API) effortlessly and automatically, without compromising online banking credentials.
The banking service automates the first part of the bank reconciliation process for customers, by linking their online banking accounts directly to their Sage solution. This allows online bank transactions to be automatically imported, categorized and reconciled into the customer’s Sage software.
Sage Africa & Middle East Executive Vice-President Pieter Bensch said, “We’re tremendously excited about this partnership with FNB because it supports our vision at Sage to make accounting invisible for businesses, giving them the time to focus on more strategic tasks. Partnering with FNB is one of the ways in which we’re making the lives of small and medium business owners easier.”
The direct bank feeds service is configured firstly via FNB Online Banking, where customers can manage their consent and permissions to transmit their specific transactional history, and then assign and allocate those transactions within their Sage software.
FNB business customers using Sage accounting solutions can get financial transactions history fed through to the Sage platform periodically or set it to refresh automatically until they decide to stop the feed.
Also commenting, Jesse Weinberg, SME Segment Head at FNB said, “Our aim is to help our customers eliminate some of the manual and administrative processes associated with bookkeeping and bank reconciliations. This should save them time and money so they can focus on growing and running their business efficiently with no need for third-party integrations or compromising their bank login credentials.”
“This is a big technological milestone not only for FNB, but for millions of SMEs that now have a simple, efficient and more secure way to integrate their bank account transactions into their accounting software,” added Weinberg.
“Apart from the timesaving it will offer SMEs, this also represents a huge step towards increasing the level of “business financial inclusion” by removing a barrier for more informal or less “business-fluent” SMEs to increase their accounting recording keeping – ultimately helping them to produce financial statements for lending or investment for their businesses.” concludes Weinberg.