Nordigen integration

Personalize your service to your customers’ needs with open banking!

 

Nordigen is a one-stop solution open banking platform. They provide free access to bank data and premium access to data products for analyses and overviews. Their goal is to help businesses all around the world to adopt and utilise open banking. Nordigen’s mission is to enable greater financial transparency and financial inclusion via open banking.

Open banking provides a banking services market where the customer is granted the right to access their personal data stored by their bank, and transmit these data to any third party they choose. Shifting data ownership from banks to actual account holders not only puts people in control of their personal data but also allows them to use these data to their own advantage.

Using ERPLY Books? See how you can benefit from using Nordigen:

  • Wide bank coverage – get free access to banking data from over 2,000 European banks across 31 countries. These include the most popular EU financial institutions and also Paypal, Stripe, Transferwise, and some other popular payment gateways.
  • ERPLY Books users can automate and streamline their payment handling process with Nordigen because payments “flow in” every day automatically.
  • You can easily measure clients’ risk levels – the Scoring tool provides ratings based on how likely a client is to repay loans through income verification and account data analysis.
  • It is possible to identify patterns within data. Find transaction regularity, matches, and anomalies. Discover outliers and analyse transactional data in more depth.
  • Open banking improves the relevance of services suggested to consumers which innately increases the chances of customer engagement. The more personalised a service is to a customer’s needs, the greater the chances the customer will interact with the brand, which most likely increases brand awareness.

Using Nordigen? See how you can benefit from using ERPLY Books: 

  • The ERPLY Books bank import functionality (which can automate up to 100% of all payments) offers unique value:
    • Accountants can automate the processes of all of their small businesses by making sure all payments come to Books automatically (removing file down-file up manual labour) and using a partner panel only to handle payments that the system could not handle automatically
    • If you have a website where you make sales and have made it possible for customers to pay via wire transfer – then the payment process is still automatic. For example, if a customer pays via wire transfer, then you can set Nordigen to sync once an hour, and within an hour the payment is in Books. If the customer correctly adds an order no. to the payment description, then Books can automatically connect the order with the payment and one hour after making the payment, people working in the warehouse can fill the order.
    • All sizes of companies that need to handle bank payments can now automate payables-receivables
    • If your accountant goes on vacation, then payments still go to Books and Books can do the accountant’s work by connecting as many payments as possible.

Just to give you an idea of what removing the tedious process of loading files up and down can do. Let’s say you need to get payments three times a day. 52 weeks, 5 days every week. This means 52*5*3=780 times. Let’s say logging into a bank, then downloading a file, and then uploading it to Books takes an average of 2 minutes. This means you can save 26h every year by just removing the time spent on downloading and uploading!

Also, this finally removes the need for updating the CSV / other format outputs every once in a while. For example, PayPal has changed its CSV file format more than 3 times between 2015 and 2022.

 

 

Nordigen integration configuration

 

The Nordigen integration works on these principles: 

  • You give Nordigen the right to access your bank account
  • Nordigen downloads transactions from the bank
  • ERPLY Books synchronizes transactions from Nordigen and manages them similarly to other automatic bank imports (“green” transactions are saved immediately and the rest will be left waiting for bank import)

Consider this: 

  • Nordigen has access to your bank account for 90 days and every 90 days you have to update the access.
  • Automatic synchronization is done every hour or the synchronization can be done manually.

For integration, open “Settings” -> “Integrations” in ERPLY Books, search “Nordigen” on that page and click “Manage”. Then a new window opens. 

1. Select a bank.

2. Click on the “Connect” button to create a connection with Nordigen.

3. Click on “Add Bank Account” and set up all bank accounts that will be connected with Nordigen. For that, the bank accounts need to be set up correctly (Settings -> Organization Data). ERPLY Books connects through the IBAN of selected bank accounts. Select all necessary bank accounts here. 

4. Click on the blue text “Add Bank Account” and you are routed to Nordigen’s webpage. 

5. On the next page, the connection with Nordigen will be created. The process is described below on the example of Swedbank. First, the Swedbank login window opens.

6. In the case of Swedbank, after logging in you have to confirm to “Allow Access to Account Data”.

7. Then you can log in to your Swedbank account and select a bank account from there.

8. After connecting with Nordigen and adding relevant bank accounts, you can synchronize transactions. Open in ERPLY Books again “Settings -> Integrations” and press the “Manage” button behind Nordigen’s name. In the window that opens, select the starting date from which period you want to synchronize and click on the yellow “Synchronize” button.

 

If you have any further questions, please contact us at support@erplybooks.com.