Bank integration

Bank integration is an option which allows you to easily and securely integrate your bank with Monitor ERP. The option reduces the time you spend on outgoing payments and confirmation by handling all of your payment files for you. With your account balance and transactions available in the system, confirmation of incoming and outgoing payments and reconciliation can be done quicker or even automated.

Currently, the following banks are supported:: Handelsbanken (Sweden, only File pay (ISO)), Nordea (Sweden), SEB (Sweden), Swedbank (Sweden), DNB (Norway), Nordea (Norway, only Open Banking) Sparebank1 (Norway, only Open Banking) och Nordea (Finland, only Open Banking).

The option uses the new generation of payment flow using Open Banking technology, produced within the framework of EU‘s payment services directive (PSD2). The solution offers reduced bank transaction fees. Bank integration also offers the more traditional platform for bank integration where ISO files are used. In Monitor ERP this is managed via two separate payment methods.

The following functions are included in Bank integration:

• Onboarding with signing and countersigning via BankID.

• Send outgoing payments to the bank directly from Monitor ERP with built-in signing with BankID

• Automatic import of confirmation data, allowing incoming and outgoing payments to be automatically matched and recorded.

• Integrated bank statement for more effective bank reconciliation.

• Desktop component that shows current balance information of the bank account and monitors the status of sent payments.

• Possibility to activate Global Pay. International payments from your account in local currency, with information about the exchange rate and bank cost in real time, with more favorable conditions than your regular bank. Only applies to banks that support Open Banking.

Feature overview
Platform		Internetbanken företag		Nordea Business	Nordea Bedrift	Nordea Business
	Sweden	Sweden	Sweden	Sweden	Finland	Norway	Norway	Norway
Onboarding
Digital onboarding with the bank	Contact the bank	Yes	Yes	Yes	Not needed	Yes	Yes	Not needed
Activation time for the bank	1-3 days	1-3 days	3 days	1-5 days	-	1-3 days (after the agreement being signed)	24 hours	Only for currency accounts, happens over night
General
Supported payment methods	Open Banking & Filepay (ISO)	Open Banking & Filepay (ISO)	Filepay (ISO)*	Open Banking & Filepay (ISO)	Open Banking	Open Banking	Open Banking & Filepay (ISO)	Open Banking
Support for automatic confirmation and recording of incoming and outgoing payments	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Bank reconciliation	Yes	Yes	Yes	Yes	Yes	Yes	Yes, but no support for bank balance	Yes, but no support for bank balance
Cancellation of outgoing payment in Monitor ERP is also automatically canceled at the bank	No	Yes	No	No	No	No	No	No
Manual loading of confirmation files can also be done after activating bank integration	Yes	Yes	Yes	Yes	Yes	Yes	No	Yes
Support for Global Pay	Yes	Yes	No	Yes	Yes	Yes	Yes	Yes
Signing/countersigning of File pay (ISO)	Done as usual through online banking	Done as usual through online banking	Done as usual through online banking	Done as usual through online banking	Done as usual through online banking	Done as usual through online banking	Done as usual through online banking	Done as usual through online banking
Open Banking
Uses Monitor’s built-in signing function via mobile BankID for outgoing payments.	Yes	Yes	Bank does not support Open Banking	Yes	No	No	No	No
Use BankID signing or card reader when making payments	Yes	No	Bank does not support Open Banking	Yes	Yes	Yes	Yes	Yes
Maximum number of payments per signing session	99	700+	Bank does not support Open Banking	99	50	50	20	99
Support for countersigning through the bank	Yes	No	Bank does not support Open Banking	Yes	Yes	Yes	Yes	No
Support for outgoing payments from a currency account	No	No	Bank does not support Open Banking	No	No	No	No	Yes

*Handelsbanken is planning to introduce support for Open Banking in 2025.