Bank integration
Automate and streamline the payment process with integration to your bank.
Want to try it out? Contact us and we’ll help you get up and running with Bank integration.
Why you need Bank integration
Free up time by integrating your bank with Monitor ERP
Bank integration is the perfect solution for easily, quickly, and securely managing your finances. Bank integration makes finance management more efficient by automatically transferring account and payment information between Monitor ERP and your bank.
This means you no longer have to manually manage payment files and can make payments with the click of a button. It saves time, reduces the risk of making errors, and speeds up the bank reconciliation process.
Four reasons to use Bank integration
Fewer errors
Save time
Secure management
Automated
With Bank integration you can:
- Make payments directly from Monitor ERP using BankID.
- Automatically import, matching, and recording of confirmation data, saving time and reducing the risk of making errors.
- Integrate withdrawals for quicker and easier bank reconciliation.
- Keep an eye on your current balance and payment statuses with a transparent desktop component.
Optimize your finances and get full control – everything in the same system!
Optimize your payments with Open Banking
The function uses the new generation of cash flow with the help of Open Banking technology. With the support of the EU’s directive on payment services (PSD2), a secure third part can handle payments and get account information directly via APIs – quick, easy, and secure.
- Get immediate feedback whether payments have been approved without having to manage files.
- Cheaper national payments – Transaction fees can be avoided by paying into a bank account instead of a giro number.
- Open Banking uses a secure, encrypted infrastructure with your bank without managing files.
Bank integration also offers you the option of paying via Filepay (ISO files). Read more about Filepay under Questions and answers at the bottom of the page.
Easier international payments with Global Pay
The Global Pay function is used to make international payment via Open Banking. Global Pay works for payments to most countries and currencies – smart, simple, and economical!
- Lower exchange rates and transaction fees compared to traditional banks.
- Quicker payments – the money reaches the recipient the same working day, or the next working day at the very latest.
- Full control – you see the exchange rate and fees in real time before finalizing the payment.
The same, easy cash flow for both national and international payments.
What to keep in mind when getting started with Bank integration
Bank integration
Plan the implementation and set a “go live” date.
- Before using Bank integration for the first time, send outgoing payments (ISO files) with payment dates a few days ahead.
- Onboard with your bank.
- Activate the integration of the bank in the Monitor ERP and carry out all the necessary preparations in the system.
More information is available in our online help.
Onboarding with your bank
Bank integration
The onboarding process differs from bank to bank. The below links provide more information about the onboarding process for each bank.
Sweden:
- Kom igång med SEB (openpayments.io)
- Kom igång med Nordea (openpayments.io)
- Kom igång med Handelsbanken (openpayment.io)
- Swedbank: Contact your bank for information about their onboarding process.
Norway:
- Kom igång med DnB (openpayments.io)
- Kom igång med Sparebank1 (openpayments.io)
- Kom igång med Nordea (openpayments.io)
Finland:
- Nordea: Contact your bank for information about their onboarding process.
Activate Bank integration in Monitor ERP
Bank integration
Once onboarded with your bank, it’s easy to activate and start using Bank integration in Monitor ERP.
- Add the personal identification numbers of those authorized to carry out banking operations.
- Activate Bank integration in Monitor ERP by approving through your BankID.
- Add Bank integration as a new payment method.
- Add a desktop component for bank account information, for an easy overview.
Once you have completed the above steps, it’s time to start making payments and retrieving account balance and confirmation data.
More information is available in our online help.
Frequently asked questions about Bank integration
Which countries is Bank integration available in?
Currently Bank integration is available in:
- Sweden
- Norway
- Finland
More countries will be added.
Which banks support Bank integration?
Sweden:
- SEB
- Swedbank
- Handelsbanken - Support will be available in the upcoming versions of Monitor ERP (currently in pilot phase)
- Nordea (Nordea Business) - Support will be available in the upcoming versions of Monitor ERP (currently in pilot phase)
Norway:
- DNB
- Sparebank1 - Support will be available in the upcoming versions of Monitor ERP (currently in pilot phase)
- Nordea (Nordea Business) - Support will be available in the upcoming versions of Monitor ERP (currently in pilot phase)
Finland:
- Nordea - Support will be available in the upcoming versions of Monitor ERP (currently in pilot phase)
More banks will be added.
Monitor ERP does not currently support Nordea Corporate Netbank. At the moment, only Nordea Business is supported. We are working a solution and plan on introducing support for Corporate Netbank in 2025.
Am I able to pay via Filepay (ISO)?
Bank integration also offers the more traditional platform for bank integration where ISO files are used. You don’t however need to upload the files manually to your bank. This is done automatically via Bank integration.
When this payment method is used, you are required to sign the payment file via online banking. This method must be used e.g. when payments are made from currency accounts, as these are not supported via Open Banking.
Who is the third-party supplier of the service?
The third-party supplier of the service is Open Payments. They are licensed and under the supervision of Finansinspektionen (or other competent authority in the EU/EES).
What does Bank integration cost?
For bank integration Monitor ERP charges 250 SEK a month per company and per activated bank. Additional bank fees for the integration apply. Contact your bank for further information.