Sync Bkper with 10K Banks in North America
Keeping financial data from different sources synchronized in one single place is a big challenge that many people and business face and our mission is to simplify this on Google in a consistent, secure and collaborative way.
Fast developing technologies of course help to realize this, and as we were aware of this early 2019 we migrated from simple integrations to an automations portal which would attend a much wider scope of technologies such as Bots, Bank connections and further along the way reporting or filing.
With the introduction of this concept of automations we ran a survey to understand what technologies would help most to simplify your finances and the winner, with an overwhelming majority of more than 50%, was the synchronization with financial institutions (banks, Credit cards etc).
A very pleasant outcome as this coincides with our vision of a global movement of decentralization of the ownership of financial data, pushed by movements like Open Banking, Cryptocurrencies, neo banking etc.
So once we understood this necessity, together with its regulatory requirements, we started to look into solutions. Developing connections 1 by 1 would take a very long time and would inevitably turn into a huge legacy to maintain that would dramatically reduce our ability to react and move fast. So we turned to some great solutions that would allow us to implement bank connections with incredible speed, security and would also meet regulations.
With most of our users in North America we decided to partner up with Plaid which immediately understood the urgency of making the financial data of more than 10K institutions in North America available to millions of People and Businesses that run on Google.
Aiming to offer bank connections globally we’ll widen the coverage of connections through other partners in the future, especially in the space of open banking.
From now on Bank connections are available to paid Bkper subscriptions (in North America), allowing us to bring you the best services that grant compliance, uptime and the highest levels of security.
Advantages of Bank Connections
Bank connections are owned by a user, independent of books on Bkper. So a bank connection can sync its transactions with several books independent of who owns that book or if the owner of a book is a paying customer or not. This gives the flexibility to sync a book that is owned by an accountant without the need to share any credentials with this professional for example.
We understand that automatic synchronization of books with financial institutions proposes a huge economic advantage in the sense that there is no more need to manually sync data, correct errors or maintain one on one integrations.
But much more than this, in our vision, it is an easy access to real time and complete financial data that leads to a competitive understanding of a financial situation. That’s why you can create unlimited bank connections. Isn’t it that the details of a credit card provide a broader insight into expenses than just the payment of the total amount due on a bank extract?
How does it work?
On the automation portal you create a bank connection by selecting the country of your institution, in a map as the one above.
Once you establish a connection you can configure the synchronizations on the books that you want with the services that you have with this bank (credit card, checking account, savings account).
Once you configure a synchronization you can choose to:
- Use an existing account or create a new account for that bank service.
- Import historical data or only recent data.
From that moment on you will start to receive transactions through this synchronization on your book. In the beginning you’ll likely have to teach the Bkper bookbot what the new transactions are about, but in a short while you’ll only find complete transactions, from your synchronization, to post.
We are very excited to empower you with bank connections and synchronizations and strongly feel it is a great step towards simplifying finances on Google and we’d really want you to get the most out of it, so relax and enjoy while your bank transactions are booked without your intervention :-)
Have any questions or feedback, just let us know at firstname.lastname@example.org