You always wanted to take a look behind the scenes of product development? Our CPO Matthias Zürrer got interesting insights for you: What has been worked on in the last few months to make bexio software even better for our customers? What are we adjusting in order to be able to offer our customers simplified processes and improved functions? Find out more and read the second part of our update series.
Part 2: bexio Modernisation: Banking and banks
By Matthias Zürrer, CPO bexio
In the «Banking» area, bexio has already integrated 10 large and small Swiss banks. You can transfer outgoing payments for your supplier invoices directly from bexio to your e-banking system. The payment information only needs to be entered once. Transactions in your account are automatically synchronized with bexio so that you can easily reconcile your invoices or supplier invoices. You don't have to keep track yourself of which invoices have already been paid: bexio will set the status of the documents itself after the reconciliation is complete.
If you have different bank accounts, you can manage them all in the same place in bexio, even if the accounts are not with the same bank. For most of the directly connected banks, we also support the sending of invoices with a QR payment code.
No two banking systems are the same. Many have grown organically over the years, have different output formats, expect different inputs, and have different authentication methods that regulate access to account information.
We work closely with all connected banks and we also test and coordinate the rollout of new versions of the interfaces.
Each interface consists of a connector that connects bexio to the e-banking system and a parser that uniformly formats the transaction data.
Over the course of 2021, we updated the connections for most banks. This means that we have rebuilt both the connections that collect the transaction from the bank (the «connector») and the part that interprets the transaction so that bexio can understand it (the «parser»).
For you, this means that the connection to the banks will become more stable. The higher quality of the transactions also allows us to avoid duplicates in the future.
The automatic reconciliation process is getting better
The new interfaces receive files in a standardized ISO 20022 format (camt), which contains more transaction details. In addition, we now receive exactly the same master data from all of our partner banks. This means, among other things, that the automatic reconciliation process works much better. In other words: more invoices and supplier invoices will be able to be automatically reconciled in the future.
The new interfaces were also necessary in order to ensure that all connected banks were able to both send and receive QR invoices. QR invoicing will completely replace the conventional payment slip by the end of September 2022. With bexio, you can be ready for a smooth transition.
In order to be able to offer you additional bank connections in the future (keyword: cantonal banks), we have entered into a cooperation with SIX to connect bexio to the bLink interface. This will allow us to offer you quick, easy, and reliable connections to participating banks in the future.Don't forget: You will always be able to find all the latest news about bexio updates in our Update News.