Corpay One supports bank account connections in most Danish banks and savings banks, so you can pay invoices directly from your company's bank account through Corpay One.
For a number of banks, the connection runs through Bank Connect (BC from here on), the shared API solution of the Danish banking data centers. This article walks you through the specific steps and requirements you need to be aware of for Corpay One to work optimally with BC.
TIP! Feel free to share this article with your bank to make sure your BC agreement is set up correctly.
How do I connect through Bank Connect?
To connect your bank account to Corpay One through BC, do the following:
Start the connection of the bank account directly in Corpay One. You can read more about that here.
Set up a BC agreement for Corpay One with your bank. Contact your bank advisor to get this started.
Once you have set up a BC agreement for Corpay One with your bank, you need to activate the bank account in Corpay One. You can read more about that here.
Once the bank account has been activated in Corpay One, it is ready to use as a payment method.
What you need to be aware of!
To work optimally with Corpay One, your BC agreement has to meet a number of requirements that you need to arrange together with your bank.
1. The agreement must be set up as a host-to-host agreement
In plain terms, this means that payments initiated from Corpay One through BC must not require manual approval in the bank. The agreement has to allow payments initiated from Corpay One to be created and completed in the bank automatically, without you approving each individual payment in the bank.
This makes sure the status of your invoices in Corpay One is updated correctly once a payment has finally gone through in the bank.
đĄ Note: It is possible to use Corpay One and BC together without a host-to-host solution, but we don't recommend it, as it can prevent payments from being completed. If you have questions about this, please write to us at support@corpayone.com or via the chat.
2. The bank must send daily exports/cash management reports to Corpay One
For Corpay One to stay correctly updated on activity in your bank account, including completed payments, your BC agreement has to send daily exports to Corpay One confirming that a payment has been completed. Among other things, this makes sure invoices in Corpay One are automatically updated from Initiated to Paid.
Corpay One accepts daily exports in the file formats CAMT.052, CAMT.53 and CAMT.054, so you can freely choose which type to include in the agreement. Not all banks support all three formats, though (read more about this on the Bank Connect website). By default, your Corpay One account is configured for the CAMT.053 format, so contact the Corpay One support team if you want to use a different format.
đĄ Note: Be aware that if you also use BC for your accounting or ERP system - e-conomic, for example - there may be cases where that system "grabs" the daily exports from Corpay One. Accounting and ERP systems often use exports in the CAMT.053 format, so if you make sure your BC agreement sends the exports as CAMT.052 or CAMT.054, you should be on the safe side.