Banking Service (“Sage Bank Feeds”) (formerly known as Banking Cloud) is a global platform that integrates directly with banks and bank aggregators (such as Yodlee and Plaid) to enable the Sage accounting product portfolio to be kept updated and reconciled with the transactions in our customers’ bank accounts.
Banking Service can provide a user with reliable, timely and accurate transaction information from all relevant banks and credit card providers, reducing time spent manually entering data. It can provide a user with the ability to track cash flow real time and streamline bank reconciliation by effectively reconciling your bank every day, giving much more confidence that bank accounts are in order at the end of the month.
Banking Service coverage
Transactions are obtained via direct feeds from the banking/financial institution or, when a direct feed is not available, a third party aggregator.
We have been steadily increasing the number direct feeds offered to our customers.
Who is this for?
Direct bank feeds will target three distinct audiences:
- Accountancy practices who are managing the accounts on behalf of sole traders and small businesses.
- Sole traders and small business owners who manage the accounts themselves.
- Finance departments of small and medium businesses with more complex needs and a large number of bank account and credit cards.
Why it’s essential for customers
The automatic reconciliation process reduces the risk for human errors.
Eliminating the process of manually entering each transaction to reconcile bank statements.
Easy to use
With only a few steps required to start and automatically reconcile after that, bank reconciliation can be done with just a few clicks every time.
Eliminating manual data entry, the need for an accountant to reconcile bank records and automating the bank reconciliation process with just a few clicks, the customer has a streamlined workflow.
The changeable nature of the banking sector and its governance often brings about change with which we must keep up. Because providing highly secure and reliable solutions is extremely important, Sage has implemented a new connection method that delivers a quality service and consistent API experience to any developer.
Recognising the growing number of neo banking services and their popularity, Sage have worked hand in hand with industry leaders to create an API which allows banks and financial institutions to push their customer transactions to Sage Banking Service.
The Sage Banking Service Provider API equips banking and financial institutions with the tools they need to create their own Sage Banking Service connectors with the following benefits:
- Direct integration with Sage Banking Service.
- Independence of 3rd party aggregators and software solutions.
- Banks and financial institutions can develop and test their own connectors at a pace that is comfortable to them.