Setting up a bank feed from an external account to populate data into SILQ is fairly simple & created in accordance with CDR practices.
Before going through the below steps, please ensure to go through this article first to avoid any frustrating delays.
To setup a bank feed from your external account (e.g. your bank institution account or your credit card) to populate data into your relevant SILQ account, follow the below steps:
1. To start with, you will need to authorise SILQ's data partner Basiq to provide SILQ your data.
To do this, navigate to the Accounts tab and click on the Bank Feeds button.
2. Click on Add Bank Feed
Note - you will need to ensure your organisational details, including your ABN have been entered correctly in System Settings. Similarly, the logged on user will need a valid email address and mobile number entered into their user profile.
3. You will see the below page pop-up. Please ensure you have pop-up's allowed in your browser for this part.
4. Once you press continue, you will be asked to to enter the SMS code sent to your mobile number that is entered into your user account in system settings.
5. After having entered the correct code, you will come to a consent page. Make sure to scroll down to read all information. If it is correct and you are happy with the information provided, please confirm that you are using this for business purposes and click on Approve.
6. You will then be asked to select your financial institution. You can either choose to scroll down to look for your institution or use the search function to find it.
7. Once you have selected your institution, you will be directed to a page similar to this (each bank may be slightly different).
It is important to note that Basiq has been accredited by the Australian Competition and Consumer Commission (ACCC) to receive your data from your bank or other financial institution – only after you have given your consent. Basiq will ask for your account number, however will not ask you for your password. Your consent will need to be provided by your bank. This is a much safer, and perhaps more importantly, compliant way to provide access to your data.
Further, SILQ has integrated with Basiq to collect and provide us with your data to enable us to provide our bank feed service to you. SILQ can only use your data in accordance with your instructions.
8. You will be asked to enter the code sent to you via email.
If you do not receive the email, you can also login to online banking and you will be prompted to generate a code for sharing. Please see an example of this below. (again, please remember every bank will be slightly different, however they should prompt you through the process).
9. Once you have entered the code from your bank into your data sharing application, you will need to move through the below windows to approve the sharing request.
Please ensure you read through all of the information carefully before agreeing.
10. You will then be provided with a list of the bank accounts that are associated with the customer number you entered. You can choose 1 or more of those valid accounts to connect to. (Please note, if you aren't able to click on some of your accounts, it could be for reasons such as that account having more than one owner. To know whether that is the case, you will need to contact your bank, as SILQ nor Basiq will be able to assist with this step).
11. Once you are happy with your selection. Please click on confirm.
12. You will know that the consent has been provided if you are presented with this screen (Qudos will be replaced with whatever institution you are connecting to).
13. You can select from one of two options at this point:
a. Click on 'Connect another institution'. If you choose this option, you will need to repeat the options above.
b. Click on 'Done'. By choosing this option, the pop-up will close and you will receive an email (to the email address associated with the logged in users SILQ account) from Basiq to confirm your consent.
14. The next step is to link your authorised external account to your associated SILQ account.
To do this, you will need to choose an account in the linked to section (see the below screenshot) and then click on the green Link Account button.
Once done correctly, your screen should change to look like the second screenshot below. (Please note, it can take a couple of minutes for this information to come through, so please make sure to refresh the page until you see the change).
In order for bank feeds to work properly, you need to link the relevant authorised external account (i.e. your bank account or credit card) with the associated SILQ account.
- If an authorised external account is not linked to a SILQ account (LINKED TO is empty and there is a Link Account button), then select the SILQ account and click "Link Account".
- If an authorised external account is linked to a SILQ account (LINKED TO shows the linked account), then you can disconnect the account by clicking on the 3 buttons.
15. Once you have successfully linked a SILQ account to an authorised external account, you will see that account show up in the left hand navigation.
It is only at this point that you will be able to see the individual transactions and code them up.
* SILQ will not show you the transactions that are 7 days prior to the date you authorise an external account.