Automating bank statement retrieval and payments via bank connectivity

For treasury and finance teams in most organisations, retrieving and processing bank statements continues to be a time-consuming, labour-intensive process. Logging into multiple bank portals, downloading files, uploading them into ERP or treasury systems, and reconciling transactions manually consumes hours every week. These siloed workflows introduce unnecessary risk, decrease accuracy, and delay access to critical financial information.

 

Automating these processes through bank connectivity changes that completely. By replacing manual download and upload with a secure, real-time connection between banks and financial systems, organisations can get complete visibility and control over their cash positions.

 

 

Why manual bank statement processing is so costly

Manual collection of bank statements is easy enough, but when scoped out properly, it’s a money- and time-intensive process that delivers no added value by being done manually. Finance and treasury professionals spend hours working with spreadsheets, reconciling changes in file formats, and investigating discrepancies in data matching. With every manual manipulation, there’s an increased risk of errors, and one misplaced digit can change cash forecasts or cause double postings.

 

The result is poor visibility. Without real-time updating of bank data, treasury teams cannot make informed decisions about cash positions, manage liquidity, or fund business plans. By the time statements are posted, information is already outdated. This lag not only restricts decision-making but also undermines confidence in reported numbers.

 

 

What is bank statement automation?

Bank statement automation is the process of electronically transferring bank statement data into an organisation’s ERP or Treasury Management System (TMS). It replaces manual downloads with automated streams of data, which ensure that transaction information and balances are accurately and reliably captured.

 

Automating bank statement retrieval is the process of removing those slow, error-prone steps of downloading, formatting, and uploading data. Instead, the system extracts data from banks automatically, enjoying accurate and timely visibility of each account. This is the foundation for efficient reconciliation, accurate forecasting, and informed cash management decisions.

 

 

How automated bank statement retrieval works

Automated bank statement retrieval relies on secure, multi-bank connectivity that connects directly to financial systems. It is possible in a variety of ways:

• Host-to-Host (H2H) / SFTP connections create direct, secure data pipelines between banks and ERP or TMS platforms with full control and dependability.
• APIs (Application Programming Interfaces) provide near real-time access to balances and transactions, with teams enjoying instant visibility of cash movements and liquidity.

These connections feed data into platforms such as SAP, Oracle NetSuite, or Microsoft Dynamics, consolidating multiple currency and bank accounts into one view. Instead of utilising logging into multiple bank portals, treasury teams enjoy automated retrieval of bank statements right within existing processes.

 

 

The benefits of automating bank statement processing

Efficiency and accuracy

Time-consuming manual data entry is avoided, human error is reduced, and consistency of format is ensured, especially when working with multiple banks and types of files. Finance and treasury teams spend fewer hours processing files and more hours reviewing the information that matters.

 

Real-time cash visibility

Due to continuous updates provided automatically, treasury teams are able to view all balances and transactions across the company in real time. This facilitates faster, data-driven decisions on investments, funding, and liquidity.

 

Compliance and audit trails

Each transaction and data transfer is tracked, producing an exhaustive electronic audit trail. This ensures internal control, governance regimes, and external regulation compliance, supported by Compliance and Fraud and Error Prevention tools.

 

Cost reduction

By removing time-consuming manual activities, companies reduce administrative costs as well as dependence on internal IT for manual uploads or format conversions. Savings are also made due to faster reconciliations and shortened month-end close cycles.

 

 

How to automate bank statement processing

To find out how to automate bank statement reconciliation, begin by analysing your current financial processes. Identify where human effort is needed, from file download to field mapping in Excel, and target the areas that will yield the greatest gains in efficiency.

1. Assess current workflows: Record current reconciliation and reporting procedures.
2. Choose the correct connectivity method: Depending on bank relationships, geography, and internal systems, some of the options are APIs, H2H, EBICS, SWIFT, or SFTP.
3. Connect with ERP/TMS systems: Engage with a supplier capable of mapping the data into your specific ERP or TMS environment to achieve native interoperability.
4. Test and scale: Deploy it in a single or multiple banks, demonstrate the data flow, and scale across your global banking estate once assured of stability and accuracy.
5. A sound implementation plan ensures seamless adoption and minimal interruption.

 

 

Automating payments as part of end-to-end bank connectivity

Though bank statement processing is the spotlight in this article, payment automation rounds out the end-to-end transformation of the treasury. Once statement information is processed automatically into your systems, coupling that with automated payment execution provides complete cash flow control.

 

Treasury personnel use automation to manage activities like sweeping excess money between accounts, managing intercompany transactions, and financing subsidiaries in diverse currencies. Payment connectivity options such as Bacs-Approved Software, SEPA, SWIFT, and Faster Payments ensure money flows securely and efficiently along the appropriate payment rails.

 

Connectivity choices of H2H/SFTP, API, and others offer organisations the flexibility to accommodate payment flows with local and regulatory requirements. With payment and bank statement processing automation operating in sync, teams have one real-time view of cash positions and liquidity for all entities.

 

 

Common challenges in bank statement automation

Despite the clear benefits, organisations commonly face technical and operational issues:

• Bank format variations: Differ from bank to bank like MT940, CAMT.053, or BAI2. In the absence of a translation layer, these are cumbersome to integrate.
• Dependence on IT: Most groups depend on IT or external developers to translate data or fix broken links.
• Security and compliance: The need to store data encrypted, keep activity logs, and adhere to standards like PSD2 or ISO 20022.
• Change management: Treasury and finance personnel may be asked to re-configure processes or roles so that most can benefit from automation.

Such obstacles are lessened by collaboration with an experienced provider and become simpler to adopt.

 

 

The role of AccessPay in bank statement and payment automation

AccessPay simplifies and safeguards statement and payment automation through secure, scalable bank connectivity. As the leading bank integration platform in the UK, AccessPay bridges the gap between banking networks and financial systems to facilitate frictionless data sharing.

 

How AccessPay helps:

• Multi-bank connectivity: Pull statements and push payments from and to multiple banks, currencies, and formats in a single platform.
• Support for all major protocols: H2H/SFTP, API, SWIFT, SEPA, and Bacs for adaptable, robust communication.
• Deep format compatibility: Automate processing MT940, CAMT, and BAI2 files using built-in data transformation.
• ERP/TMS integration: Pure integration with software like NetSuite, SAP, and Oracle to remove reconciliation and reporting inconvenience.
• Enhanced visibility and control: Real-time cash reporting, automated reconciliation, and secure payment execution from one location.

AccessPay’s platform enables finance and treasury departments to turn manual, fragmented processes into end-to-end automation, increasing visibility, reducing risk, and allowing teams to make strategic decisions.

 

 

Conclusion and next steps

Manual download and upload is not an option anymore in today’s financial world. Bank statement automation puts treasurers and finance directors in control, in focus, and in confidence with their information. From automated bank statement processing to connected payment flows, automation drives finance functions at pace and accuracy.

 

For organisations that want to modernise, AccessPay offers the expertise, connectivity, and technology to create an integrated financial ecosystem, from reconciliation and reporting through to bank statements API integrations.

Request a demo with AccessPay and learn how automating your bank statement and payment processes can revolutionise your finance and treasury operations, providing real-time visibility, increased efficiency, and long-term control.