What is new in Extended Banking 5.1.0?

Our solution for processing digital bank statements, Extended Banking, is constantly evolving and that regularly results in new releases. Customers receive an email with the extensive release note about bug fixes and new functionalities with each release.  On our website we publish every release a blog, in which we  explain some new functionalities more in detail.

At the end of March we released a new release and in this blog we tell you more about the new functionalities of Releasenote 5.1.0.

1. Change publisher name to Focus Enterprise Solutions

Not a new functionality, but something we would like to mention in this blog: Given our recent name change to Focus Enterprise Solutions, we have also changed this as the name of the publisher of Extended Banking. A new name, but the same Team is still working on Extended Banking and Focus Enterprise Solutions is part of the Broad Horizon Group.

2. Automatically create additional allocation lines for fees

In this release, a new search value has been added, which makes it possible to view specific content of a bank statement transaction (such as amounts for credit card fees, bank charges, additional charges etc.)  and automatically create additional booking rules for this purpose.

Recognition of such costs makes it possible to automatically make additional entries for these costs in addition to the recognition and allocation of the statement line amounts themselves. As a result, this process is also fully automated and it is no longer necessary to do manual actions for this.

This new functionality is a major improvement for, for example, companies that offer their customers the possibility to pay by credit card, and that do not pass on the costs of the credit card company to their customers. However, the costs will be deducted by the credit card company when making the payment.  This  creates a difference compared to the original outstanding item, which had to be corrected manually. Thanks to the new functionality, you can now enter what needs to be done once and Extended Banking automatically processes the difference with all these payments, so that you no longer have to worry about this. This saves a lot of time.

Because the new search value and functionality for processing costs can be flexibly arranged, in addition to processing credit card costs as in the example above, it can also be used for other situations where transactions are included in the payment text of the bank statement that should lead to an additional booking. For specific situations, various parameters are available on the search value, making it possible to set up this new functionality according to your own wishes. For example, it can also be applied in cases of reversals where costs are involved. This is particularly interesting for companies in Germany, where in many cases it is common for there are costs associated with reversing a direct debit.

3. Rearrange content from CAMT.053 to Payment notes

Until this release, it was not possible to change the order of the content of the payment notes when using the CAMT.053 plugin. However, this is desirable in some situations. For example, after reading the CAMT.053 Bank statement, the address information was first shown, followed by the IBAN number and name, while the desired order would be name, address and IBAN. From this release, it is possible to set the order of elements that are mapped to the payment text, so that information is visible in the payment notes in the correct order. With this new functionality, you can influence the matching in a positive way and the information is displayed in the desired way for the user.

The same possibility for influencing the order of elements in the payment text is also available for the plugin for ‘Advanced Bank Reconciliation import’, because the Fieldmap principle is also used.

Do you want to know more about Extended Banking?

Do you not yet use Extended Banking, but have you become enthusiastic about our solution after reading these new functionalities? Please contact us. We are happy to tell you more about the possibilities for your organization.

Or catch our webinar about Extened Banking. This is in Dutch only, but please contact us if you want a demo in English.