The SAP Business One integration with SISS Data Services’ solution enables SAP customers in Australia to automatically receive bank transaction data daily and securely.
SISS Data Services is Australia’s largest independent provider of secure, consented, bank-approved data, offering both direct data feeds from leading retail banks and open banking access for over 500,000 customers. Since 2011, SISS has been driving efficiency and innovation in sharing or accessing product and customer data via Consumer Data Right (open banking) and direct channel to Data Holders and Data Recipients. Its open data platform ACSISS enables banks and fintechs access to customer data in a fraction of the time and cost of building or maintaining a CDR solution.
Now, to further enhance the banking experience of its customers, SISS Data Services has launched a new platform dubbed ACSISS Connect for SAP Business One specifically designed for SAP customers in Australia. To be delivered by SAP Business One partners, the new solution champions automation by enabling SAP customers to receive their bank transaction data automatically, daily. The solution advances the data entry process and eliminates the traditional importing and downloading of data.
SAP Business One Integration Automates Bank Data Feeds
Sharing about the latest innovation, Grant Augustin, Chief Executive of SISS Data Services, said:
“Automatic bank data feeds are a new and exciting solution for SAP Business One customers in Australia. Our ACSISS Connect solution enables customers to have their latest transactions from accounts held with CBA, NAB, ANZ, Westpac, Macquarie, and other banks delivered directly into their Business One system each day, thus eliminating manual processes, and improving data security.”
SAP Business One is an ERP software platform designed for small and medium-size businesses to help them manage a range of business processes– from accounting and financials, purchasing, inventory, sales and customer relationships to reporting and analytics.
Augustin explained that though online banking has significantly made access to bank transaction data easier and faster, data quality and security may be otherwise compromised. He highlighted that having a decade-long experience in connecting leading banks with software platforms, SISS recognises the importance of using only approved channels and the most secure systems when handling data on behalf of its customers. Currently, the bank data feed provider has data supply agreements with all major Australian banks and data is collected from the banks’ core banking system. Moreover, SISS ensures data security by not using screen-scraping or any other non-approved method to acquire bank data and only receives data under the account holder’s approval.
“We know that SAP customers expect the highest standards of data quality and security, as well as great efficiency and user experience and so we are confident that our ACSISS Connect solution will be very popular with the SAP Business One community,” he emphasised.
This latest SISS Data Services solution that adds another layer of protection for data security came at a time when bankers are facing increased cyber threats on their institutions, staff, and customers. In an article by The Australian Financial Review, Mark Whelan, Group Executive-Institutional at ANZ , said that during the pandemic, the number of attacks had escalated to 8 to 10 million a month. Against this backdrop, Australian Prudential Regulation Authority (APRA) Deputy Chairman John Lonsdale stressed that to safeguard against cyber, banks needed to keep up with technological advancements.