Managing accounting often involves jumping between different systems. Invoices are paid in one place and recorded in another, leading to wasted time and potential errors. A Bank Connection can save you valuable time by reducing unnecessary tasks. In this blog, we explain what a Bank Connection is and how it can make your life easier.

What is a Bank Connection?

A Bank Connection links your accounting software with Holvi, allowing data to sync automatically between the systems. This means account reports transfer seamlessly, and payments can be approved directly from the accounting software.

Holvi uses the Secure File Transfer Protocol (SFTP) channel to establish Bank Connections.

What is SFTP?

Secure File Transfer Protocol (SFTP) is a network protocol that enables secure and encrypted data transfers between servers or computers. Due to its high level of security, SFTP is often used for transferring sensitive information, such as financial or personal data.

Alongside SFTP, using Web Services interfaces is a common way to establish a bank connection. These interfaces are a set of protocols and standards that facilitate data exchange between different systems over the internet.

Benefits of a Bank Connection

Holvi's Bank Connection offers several advantages for your accounting:

  • Save time with automatic data transfer: No more manual data entry! Holvi's bank connection automates the transfer of information between Holvi and your financial management software, making accounting more efficient and freeing up valuable time for your core business. 

  • Minimize errors with real-time financial data: Holvi's Bank Connection ensures your financial data is always up to date. Account transactions and balances transfer from Holvi to your financial management software daily, if desired. You can track your finances in real-time from your accounting software, ensuring your decisions are based on accurate and current numbers.

  • Simplify payments processing: With a Bank Connection, you can approve and send payments directly from your accounting software. No need to switch between applications – manage payments all in one place.

  • Save money: A Bank Connection saves you time, and therefore money. You won't need to spend time downloading and sending account reports to your accountant, nor will you pay for manual data entry from reports into the accounting software. Additionally, Holvi's fair pricing ensures efficient financial management without large investments.

 

You can set up a Bank Connection in just a few moments, whether you use Netvisor, Askelma, or Acanta. Read more about Bank Connections here.