The BGL Bank Data Service currently offers direct data feeds with 16 major Australian banks so users subscribed to The Bank Data Pack can access bank data through an automatic, daily feed.
No more waiting for customers to find their bank statements and scan or fax them to you. Reliable data from trusted sources enables you to make smarter decisions and reduce manual data entry!
A comprehensive list of supported banking institutions for this service is available here.
If you are an existing subscriber and would like to increase your subscription (add more funds to the service), please refer to this article for instructions on upgrading your subscriptions through MyBGL.
Follow the 4 simple steps listed below to set up bank feeds for the BGL Bank Data Service.
A new bank account can be created within the Chart of Accounts.
Alternatively, if you are setting up a loan account, please refer to the steps outlined here.
To confirm whether the bank or loan account in question is supported for a direct data feed, please refer to our help article Supported Banks - BGL Bank Data Service.
If you have already submitted an authority form for processing to the Data Services Team and do not need to produce a new authority form, please skip step 3 of this section. If approval has already been granted by the bank, please allow 24 - 48 hours for the status to update.
Once a bank account has been created in the Chart of Accounts, it will show on the Feed Management screen.
|From the Main Toolbar, navigate to Connect.|
|Select Feed Management from the list.||
In the Entity Summary tab, under Bank Feeds you can view the bank account details (Ensure a fund has been selected from Entity Workflow to unlock the tab).
1. From within the Entity Summary tab, select (+) Setup next to the bank account that you wish to set up the feed for.
2. Input the Account Name, BSB and Account number. From the Automated Data Feed section, select BGL Bank Data Service as the Feed Provider.
3. To generate an authority form for the relevant signatories to sign, click the ‘Print Form’ button on the same page.
4. Click the ‘Save’ button. This will register the account for the BGL Bank Data Service, although the feed will not yet be active until the authority process has been completed.
Westpac accounts operate through an online authorisation process which is outlined here. As such, uploading an Authority Form is not applicable for Westpac accounts.
Please ensure that the signed authority form received from the signatories complies with the Authority Form Signing Guide prior to uploading.
1. Once you have received the completed Authority Form, navigate to the Feed Management Screen.
2. Under the Entity Summary tab, select the upload authority form icon under the 'Actions' column.
Once uploaded, the Authority Form is instantly analysed by BGL SmartDocs, immediately determining if the filled-out form is valid. A popup will display outlining any issues that exist on the Authority Form:
- This is the recommended approach as it has the quickest turnaround time and is our most secure method.
Alternatively, you're welcome to send the completed form in PDF format to our team at firstname.lastname@example.org
The turnaround time for the banks to approve authority forms can be up to 10-15 business days. Please note that we have the processes in place to automatically follow up with banks on any authority forms which have been outstanding for approval for longer than 10 business days.
Once an authority form has been successfully processed by the bank, the bank data feed will initially have the ‘Bank Approved’ status and then switch to ‘Feed Operating’ the following day on the Bank Feed Management Screen.
If a bank feed has the Feed Status ‘Attention’, this will mean that the authority process requires further action from you or your client (the signatories) in order to activate the feed.
Note: To see all of the bank accounts you have that require further attention, simply click the Attention tab as pictured below:
For information on resolving the error, please hover over the information icon located next to the Attention Icon.
For more information on your bank feed status, click here.
The BGl Bank Data Service is priced at $40pa excluding GST ($44pa including GST), per fund, per annum. There are no additional monthly access fees. The service is sold at a minimum of 5 funds. Afterwards, it can be upgraded in single funds.
If you have not yet subscribed to the Bank Data service or would like to upgrade your subscription, contact the BGL Sales Team on 1300 654 401 or subscribe through MyBGL.
Most banking institutions only supply automated cash data from the time they approve the signed authority form. For a list of banking institutions which provide historical data, please click here.
If your banking institution doesn’t support historical data, there are still simple and convenient ways to import this data into the software. Please refer to the two methods below.
To cancel bank feeds under the BGL Bank Data Service, the user will need to send BGL’s Data Services Team a list of accounts to be cancelled using the Cancellation Request Excel spreadsheet provided in the following help article - How to Cancel Data Feeds.
BGL Bank Data Service will not be available as a Feed Provider if the user is not subscribed to the BGL Bank Data Pack or if the user has no more licenses available for the Bank Data Pack.
If you need to upgrade the number of licenses for your BGL Bank Data Pack subscription, please do this through MyBGL.
Alternatively, the bank account setup may not have a data feed supported through the BGL Bank Data Service. Please refer to the supported banks help article.
If the bank data feed in question supports historical data, then transactions that were previously entered manually may be duplicated when the bank data feed begins to import transactions.
To avoid this, please set a 'Do Not Import Data Before' date on the bank data feed to prevent historical transactions which occurred before the specified date from being imported.
BGL receives the same information as what is in the fund’s bank statement in an electronic format each night. BGL obtains this data through a direct arrangement with each of the banks using the security systems implemented by each bank.
BGL cannot transact on or directly access the SMSF’s bank account.
BGL will never ask trustees for their internet banking user name and password and BGL does not use any screen scraping software. All data is stored securely.
For more information, please refer to our Bank Data Service Security and Privacy PDF.