Linking your bank account to Banqup offers several advantages that make managing your business finances easier. This article will explain the benefits of linking your bank account and provide detailed steps on how to link and manage your bank accounts in Banqup.
Why should I link my bank account to Banqup?
Pay supplier invoices easily: Pay supplier invoices without logging in to your bank environment. This streamlines your payment process and reduces manual tasks.
Transfer money between accounts: Easily transfer money between all your bank accounts from Banqup.
View account balances and transactions: View the balances and transactions of multiple linked bank accounts in one place. You can also download extracts of account movements in standard industry formats ( CAMT.053, MT940, CODA, CFONB,...).
Linking your bank account
Open Payment Accounts.
Click on Add bank account.
Enter the following information:
Select your country from the dropdown menu.
Enter your bank account number (or IBAN).
Select the bank (if the bank is supported, it'll be selected automatically). The BIC will appear automatically.
(Optional) Give an alias to your bank account to identify it more easily.
Click on Link bank account.
Your account will be added and visible in Payment Accounts.
Notes:
Consent requirement: Granting consent is required for Banqup to access and display your bank account balance and transactions. You may need to renew your consent periodically, depending on how long your bank allows the consent to be (typically 6 months).
Bank support: You can verify if your bank is supported and which features are available in this article.
Managing your bank account(s)
Once a Payment Accounts has been added to your Banqup space, there are several actions you can take depending on the payment account (Banqup Business Account, linked account with consent, linked account without consent):
Banqup Business Account:
Account information: This option shows your bank account's information like account type, account alias, account number, scheme (IBAN, BBAN, ISBAN, etc.), BIC/SWIFT, and its currency.
Statements: Access your Banqup Business Account's statements.
Mandates: See and review the mandates currently active on your Banqup Business Account.
Copy IBAN: Copy the number of your bank account.
Change alias: Change the alias of your account.
Linked bank account with consent:
Account information: This option shows your bank account's information like account type, account alias, account number, scheme (IBAN, BBAN, ISBAN, etc.), BIC/SWIFT, and its currency.
Transactions: You can view the transactions of the account (requires granting consent to access the account information first).
Copy IBAN: Copy the number of your bank account.
Change alias: Change the alias of your bank account.
Revoke consent: You can revoke consent to access your linked bank account’s information. You will no longer be able to see the account balance and transactions in your Banqup space.
Remove account: Unlink your bank account from your Banqup space. If consent has been granted, it'll be removed as well.
Linked bank account without consent:
Grant consent: You can grant consent to access your linked bank account’s information. Granting consent means that you authorise Banqup to access the information of your bank account to display its balance and transactions in your Banqup space.
Account information: This option shows your bank account's information like account type, account alias, account number, scheme (IBAN, BBAN, ISBAN, etc.), BIC/SWIFT, and its currency.
Copy IBAN: Copy the number of your bank account.
Change alias: Change the alias of your bank account.
Remove account: Unlink your bank account from your Banqup space. If consent has been granted, it'll be removed as well.
Clicking on the linked bank account opens a page where you can:
See transactions: All transactions from this bank account appear (if you’ve granted consent to access your bank account’s information).
Transfer money: Allows you to move money between your linked bank accounts or to a bank account not linked to your Banqup space.
Pay invoice: Click on Pay invoice to display a list of invoices to be paid and pay them with the selected bank account.
FAQ
Can I link multiple bank accounts?
Yes, you can link multiple bank accounts by following the steps outlined above for each account.
How do I remove a linked bank account?
To remove a linked bank account, go to Payment Accounts, select the account, and click Remove account. If consent has been granted, it will be revoked automatically.