SILQ's Bank Feed feature has been set up to ensure compliance at each step. As such, it can at times become a little tricky to get it set up the first time. Use these tips to make the process smoother.
Before you begin the process of connecting a bank feed, it's essential to familiarise yourself with the below important tips that can significantly streamline your experience. Understanding these helps to ensure that you have all necessary information and settings prepared, thus minimising potential errors or delays.
1. Ensure that you have added an ABN in system settings under organisational details.
2. Ensure the logged in user has a valid mobile number in their user settings. This number will be used to send you a one time code for security purposes.
3. If you don't already know, confirm with your bank whether you are logging into your account via a personal login or a business login.
[If you only use that bank for business purposes it will likely be a business account, but if you have personal accounts with that bank there is a possibility you are logging in via your personal account.]
4. Data sharing needs to be turned on before you start to connect a bank feed.
5. Business accounts - Most banks will likely require you to provide some sort of permission to allow data sharing. Only personal accounts by default will have data sharing turned on.
6. To turn on data sharing for a business account you will need to be logged into your business profile with that bank.
This is not something SILQ will be able to assist with.
Depending on your bank, each step will be slightly different. Here are some help articles for a number of banks. If your bank is not one of the below, please contact your bank and ask them to provide you the steps to allow data sharing.
a. ANZ - https://www.anz.com.au/privacy/centre/open-banking-data-sharing/internet-banking-for-business-help/ - follow the instructions on 'How do I appoint & revoke a Nominated Representative?'
b. CommBank - https://www.commbank.com.au/banking/open-banking/data-sharing-delegate.html - follow the instructions on the business customers tab.
c. St George Bank - you will be required to fill out this form and follow the instructions to submit to the bank - https://www.stgeorge.com.au/content/dam/stg/downloads/stg-open-banking-data-sharing-authority.pdf
d. Westpac - https://www.westpac.com.au/business-banking/online-banking/support-faqs/data-sharing/
e. NAB - https://www.nab.com.au/customer-notices/open-banking
f. Macquarie Bank - you will be required to fill out this form and follow the instructions to submit to the bank - https://www.macquarie.com.au/assets/bfs/applications/business-online/documents/CDR_Nominated-Rep-form.pdf
7. If the financial institution asks you to authenticate via an SMS code, however you do not receive your code - check your blocked contacts in iOS or Spam folder in Android. Banks tend to send SMS codes with the name of the bank as the sender instead of a generic mobile number. As such, search for that sms, unblock it and then go back to your authentication screen and request to have the code resent as it would likely have expired by then.