A guide on syncing data from banking to downstream ERP
ERP (Enterprise Resource Planning) systems often need to access banking data. Some have built-in integrations to banking data (either natively or using middleware like Plaid) and others rely entirely on data integrators like Flatly.
The backbone of an ERP system is its ability to offer real-time data analysis, which is instrumental in deriving actionable insights. Real-time banking data, such as account balances and transactions enriches that data from ERP to provide a complete picture.
This data enables decision makers to effectively plan and implement financial strategies. Access to banking data is also instrumental in managing and monitoring cash flow, thereby ensuring financial stability within the organization. Through this mechanism, the corporate hierarchy can track enhancements or declines in financial performance and take proactive measures accordingly.
Moreover, an ERP system's access to banking data streamlines financial processes, reducing the potential for errors in manual data entry. It enables automated reconciliation of transactions, expediting processes like invoice matching, and salary processing, to name a few. A strong connection between the ERP system and banking data thus promotes operational efficiency and financial accuracy.
In essence, the necessity for ERP systems to gain access to banking data is fundamental for business growth and sustainability. It equips organizations with the tools and insights needed to navigate the financial landscape efficiently, delivering on their long-term operational objectives.
By using Flatly, a online service that interfaces with banks via Plaid, users can replicate their banking data on their own SFTP server. Plaid simplifies the complex process of connecting to a bank's secure servers, and Flatly handles the reformatting of banking data, freeing the user from intricate technicalities.
Flatly continuously syncs with Plaid, ensuring that the data replicated on the SFTP server is always current and accurate. This process is both secure and efficient, taking care to respect the sensitivity of the data while ensuring its timely availability.
The banking data on the SFTP server exists in a readily accessible format that ERP solutions can fetch and ingest with ease. This enables seamless financial data reporting and analytics, facilitating informed decision-making across the organization.
The Plaid - Flatly - SFTP - ERP chain stands as an innovative approach, adeptly merging full control of banking data with high-caliber, automated data reporting capabilities.
