Bank Feed
A bank feed automates the update of transactions in Bank Reconciliation. Set up a bank feed in Cash Management Settings by connecting a bank code in Vantagepoint with Plaid, a bank aggregator. Bank feed is available if you are using the Cloud product.
When you use bank feed, instead of you manually importing transactions from a bank statement, the day's transactions are automatically reflected in the bank reconciliation record. Vantagepoint matches imported records to posted records as part of the import process.
Bank code
The bank code that will be connected to Plaid must be associated with an online account. During bank feed activation and set up, you provide the login credentials for the online account. Depending on your bank, you may need to enter additional information for security purposes (for example, you may need to specify a One-Time Password).
If you use an existing bank code that is connected to Plaid to create a new bank code, the new bank code will also be connected to Plaid.
Plaid account
Before connecting a bank code in Vantagepoint, you must set up an account with Plaid. Plaid will store bank-related data, such as login credentials, on their servers when you set up the bank feed. You can review the terms of service during the bank feed activation.
If you disable the bank feed between a bank code and Plaid, the stored data remain in Plaid servers. To permanently delete your account or remove your data, contact Plaid through their support channels.
Reconnecting to Plaid
You need to re-establish the bank code's connection to Plaid if you change the log in credentials (for example, the password) of the associated online account.
- Related Topics:
- Activate and Set Up the Bank Feed
When you activate the connection between a bank code and Plaid for the first time, you are setting up the feed that will update the Import Records grid in Bank Reconciliation with the most recent transactions. - Activate and Set Up Bank Feed for OAuth Banks
When you set up a bank feed between Vantagepoint and a bank that uses OAuth as an access delegation protocol, you need to enter your credentials on the bank's log in page. You may also be asked to enter additional information such as your mobile number or a bank-provided code. - Enable the Connection Between a Bank Code and Plaid
When you enable the connection between a bank code that was set up in Vantagepoint and Plaid, the Import Records grid in Bank Reconciliation is updated with the most recent transactions. - Schedule the Bank Feed Import
If you are a system administrator, use the Process Server to change the date on which Vantagepoint starts the daily import of transactions into Bank Reconciliation and the time of day when the import is run. By default, the date and time and date are set to the date and time when you upgraded to Vantagepoint 4.5. - Set Up Notification for Bank Feed Errors
Identify employees who will receive a notification when there is an error on the connection between the bank code and Plaid. - Disable the Bank Feed
You can disable the bank feed when you do not want Bank Reconciliation to be automatically updated with the latest transactions. If you do so, you must manually import bank transactions to Vantagepoint. - Important Information in Error Messages About Bank Feed
When you encounter an error that is related to the bank's connection with Plaid, Vantagepoint now displays additional information in the error message to help with troubleshooting.