Mastercard Open Banking

Follow

AutoBanking

Mastercard Open Banking is one of the three banking solutions Uniconta offers. Below is a brief description of Aiia. You can read more about the solution via the link under each point. Mastercard Open Banking Mastercard creates a connection between the bank and Uniconta. It does not require an agreement with the bank. The connection is established via mobile bank login.
  • The solution covers most Danish banks and many foreign banks
  • Bank transactions are automatically retrieved 4 times a day
Read more about Mastercard Open Banking and the setup in Uniconta in this article. SLET Bank Connect Bank Connect is a collaboration between the Association of Regional Banks, Local Banks and the three data centres:
  • SDC
  • BEC
  • Bank data
Common solution for the majority of Danish banks. With the collaboration between the three data centres, the joint solution Bank Connect will apply to more than 60 banks. Among these, 14 of the 16 largest banks in Denmark – among others. Jyske Bank, Nykredit Bank, Sydbank, Handelsbanken, Spar Nord Bank and Arbejdernes Landsbank. Uniconta will collect bank statements daily or several times a day for the accounts that are registered. The bank transactions are loaded directly into the bank reconciliation.
  • Danske Bank and Nordea are not part of this solution
  • Part of AutoBanking, which is a Uniconta Add-in
  • Possibility to receive today's bank transactions
  • An agreement must be made with the bank
Read more about Bank Connect and the setup in Uniconta here. Nordea Is a direct integration to Nordea. As a business customer of Nordea, you will be able to make an agreement with them so that Uniconta picks up yesterday's bank transactions every morning, which are loaded directly into the bank reconciliation.
  • Part of AutoBanking, which is a Uniconta Add-in
  • Possibility of Danish, Swedish, Norwegian and Finnish accounts with Nordea
  • Only yesterday's banking transactions
  • An agreement must be made with the bank
Read more about Nordea and the setup in Uniconta here.SLET  

Connecting

Mastercard Open Banking is part of AutoBanking which is a Uniconta Add-in. Autobanking is automatically activated when you start using the solution. Note: Previously called Aiia Pay attention to the following:
  • Remember to unsubscribe from previous banking solutions from Bank Connect or Nordea. There can only be one banking solution per bank account otherwise transactions will be duplicated
  • The Mastercard Open Banking connection is not created specifically for the bank account that is active. The connection is established to the Uniconta accounts and the bank accounts you choose to share with Uniconta. Read more in the section 'Registering bank accounts in Uniconta' about how the bank transactions from Mastercard are linked to bank accounts in Uniconta
  • Are you an accountant and want to access transactions from your bookkeeping customers' bank. Read more here: Mastercard Open Banking for accountants with bookkeeping accounts - Uniconta
  • If you already have an account with Mastercard, read the section further down in the article.
The connection is established during Bank Reconciliation. At least one bank account must be created in the bank reconciliation in order to connect. Press the menu item 'Connect to bank'. A window will now open where Mastercard will guide you through the setup. In the first dialog, you can choose to use an existing profile or simply click Accept. You will then go through the following:
  • Select bank - here you select the bank you want to enroll. If it is not in the list, you can search for it
  • Login method - Most banks require you to select a login method. Here you will typically choose a Business login
  • Select bank accounts - you will see the bank accounts you can choose to share with Mastercard Open Banking
  • Verify bank accounts - now select the account(s) that Uniconta should have access to
  • Enter an email address for the Mastercard agreement. At this email address, a 6-digit verification code will be received, which must be entered in the next screen.
The connection between Uniconta and Mastercard Open Banking is now established and bank transactions will be automatically loaded into Uniconta. The first update will take place within a few minutes.  

Registration of bank accounts in Uniconta

In the bank reconciliation, you need to create all the bank accounts you have registered via Mastercard. Here it is important to fill in the following fields:
  • Bank account and/or
  • IBAN number
When entering transactions from the bank, it searches for bank accounts in Uniconta that match Bank account or IBAN number. If a bank account is not found, the transactions will not be loaded and this will be incorrectly reported in the Bank Log. Read more here. Note: 'Load bank statements in posting journal' cannot be used in connection with the accounting journal. Mastercard, as it does not check if the records have been loaded before. This is only possible when loading to the bank reconciliation. Note: Bank account and IBAN number can be retrieved via the menu Tools/View registered bank accounts. Read more in the section 'View registered bank accounts'.  

Automatic loading of bank transactions

Once the connection is established, Uniconta will retrieve transactions from the bank accounts associated with the Mastercard agreement several times a day. Note: Uniconta does not have a direct connection to the bank, but receives bank transactions from Mastercard. Mastercard retrieves bank transactions from the bank 4 times a day. In order for the bank transactions to be loaded into the bank reconciliation, a bank account must be created in the bank reconciliation, which matches the bank account information in the bank. It is described in the above section 'Registering bank accounts in Uniconta'. There are three dates and a status field that you should know, as they give a good overview of the integration and update via Mastercard.
  • Last date The date of the last loaded bank transaction
  • Last bank query Time when new bank transactions were last checked for in Mastercard Open Banking
  • Time of last synchronization Time when Mastercard last synchronized data with the bank.
  • Status Indicates whether the individual bank account has an active connection to Mastercard or whether the connection is Inactive and therefore needs to be renewed. In the above there are three active bank accounts. There are two bank accounts that are inactive and therefore transactions are not retrieved from the bank. A manual synchronization must be run to reconnect to Mastercard. Read the section 'Reconnect with Mastercard Open Banking'
If you are wondering why some bank transactions are not being loaded, it may be because Mastercard has not synchronized with the bank. As previously mentioned, they do this 4 times a day. In the above example, Mastercard has synchronized with the bank at 06:22. Uniconta is therefore fully updated with the bank transactions from Mastercard, as the latest bank query was settled at 10:11. Note: It is possible to force a synchronization with Mastercard and the bank. Read how in the section 'Manual sync' In addition, you can also see the activity in the bank log. Read more here . AutoBanking Status in the Company overview AutoBanking status is also available in the following screens
  • Company listings
  • Change the company overview
Here you will have a good overview of which accounts need to be reconnected to Mastercard. The colors of the status in the company overview are defined as follows:
  • Active (green): All bank accounts linked to Mastercard have Active status
  • Inactive (yellow): If only one bank account has the status Inactive
  • Blank: The account has no bank accounts linked to Mastercard

Synchronize

Uniconta does not have a direct connection to the bank, but receives bank transactions from Mastercard. Mastercard retrieves bank transactions from the bank 4 times a day. It is possible to force a synchronization with Mastercard and the bank by using the menu item 'Synchronize' After successful synchronization, Uniconta will immediately load bank transactions for the last 7 days. Note: The bank may require the connection to need a monitored login. In that situation, there will be a dialogue where you can log in to the bank.  

Bank log

In the bank log, all communication with Mastercard is registered and any errors will also be visible here. The log is accessed via the above menu item. The bank log is described in detail here.  

Retrieve bank transactions

In some situations, there may be a need to retrieve bank transactions from a certain period yourself. This will typically be in connection with the start-up of Mastercard Open Banking. Note: Uniconta automatically retrieves bank transactions, so there will normally be no need to use this function on a daily basis. The 'Get transactions' feature retrieves bank transactions from the bank account and period specified in the dialog box. For most banks, transactions can be retrieved 2 years back in time. At Nordea it is only 1 year of transactions. It is only recommended to use this feature if bank transactions are missing.  

Transaction details

Uniconta enters all the information available from the bank. In the Info field, transaction details are entered. Note: In some situations, it can take up to 24 hours before we receive transaction details from the bank (the text in the Info field). It varies from bank to bank.   The Currency and Amount currency fields are populated if the transaction is a currency other than the bank account.  

Register multiple banks and/or bank accounts

An unlimited number of banks and bank accounts can be registered for a Mastercard agreement. Registering multiple banks and/or bank accounts is done using the 'Connect to bank' menu item. If a Mastercard Open Banking connection has already been set up for the current account, a confirmation code is immediately sent to the e-mail address associated with the agreement. Then run the same flow through as described in the section 'Making a connection'  

Link multiple accounts to existing Mastercard agreement

Multiple Uniconta accounts can be linked to the same Mastercard agreement. Open the account you want to add to an existing agreement. The registration is done via the menu item 'Connect to bank'. You select 'Continue with existing profile'  

Change email address with Mastercard

There may be situations where you want to change the email address used for the Mastercard agreement. This can be done via the menu item 'Mastercard Open Banking Hub' under Functions. Read the section 'Mastercard Open Banking Hub' for more information.  

Cancel bank account

If you want to unsubscribe a specific bank account so that transactions are no longer retrieved from this account, this must be done via 'Mastercard Open Banking Hub'. Read more under the section 'Mastercard Open Banking Hub'.  

Cancel the Mastercard connection

A Mastercard connection can be unsubscribed. This means that the connection between Uniconta and the current Mastercard agreement is deleted. The Mastercard agreement will not be deleted, but will be deactivated at Mastercard. If you want to delete your agreement completely, you must use 'Mastercard Open Banking Hub'. Read more under the section 'MasterCard Open Banking Hub'. This can be done via the menu item 'Unsubscribe bank' under Tools.  

Reconnect with Mastercard

The connection to Mastercard must be renewed every 90 days for security reasons and to confirm that the agreement is still active. In some situations, it may be necessary to renew the agreement earlier than 90 days. This may be because the bank has made some changes. Use the 'Synchronize' menu item. If the bank indicates that the connection needs a monitored login, you will be redirected to log in to the bank. If you are an accountant and do not have the rights to renew the connection with Mastercard, you can select the menu item 'Show registered bank accounts' under Functions. If you send the URL shown in the screenshot to your customer, you can use the link to renew the connection with Mastercard.  

Show registered bank accounts

Show registered bank accounts provides a quick overview of the banks and bank accounts associated with the current account. At the beginning of the log, there is a Mastercard Open Banking agreement number. It is a so-called Consent-ID and it has a direct relation to the email address that was provided in connection with the creation of the agreement. Then you will find a list of the bank account(s) associated with the current Uniconta accounts. The following information can be read per bank account:
  • Financial institution Name of the bank
  • Bank account BBAN number for the bank account
  • IBAN IBAN number for the bank account
  • Balance The current bank balance in the currency of the account
  • Owner The legal owner of the bank account
  • Time of last synchronization This is the time when Mastercard last synchronized data with the bank
  • URL This URL can be copied and pasted into a browser
 

Mastercard Open Banking Hub

Mastercard Open Banking Hub is a portal where you can see and manage which services you have chosen to share your financial data with. This is also where you can see which banks and bank accounts are associated with the individual services. To open, select the menu item 'Mastercard Open Banking' under Functions.  

Bank reconciliation

It is recommended to download the 'Info' field, as it contains additional information regarding the transaction.  

Duplicate bank transactions

Duplicate bank transactions may occur in rare cases. Duplicates can occur when the bank sends an updated version of the same transaction to Mastercard. It will typically be the text that has changed from 'Transfer' to a more informative text or the status that has changed from 'Reserved' to 'Posted' in the bank. The problem is that the 'new' transaction gets a new ID and is therefore unknown in Uniconta and is therefore loaded. Uniconta also receives information that the 'old' transaction has changed status to 'deleted'. Uniconta therefore has a logic that finds the 'old' transaction and deletes it, if possible. It will be stated in the bank log if there are duplicated bank transactions and whether Uniconta has been able to delete the transaction. The example below is from the Bank Log. Uniconta has deleted the 'old' transaction. The date, text and amount are indicated so that the transaction can be identified. The example below is from the Bank Log. In this situation, Uniconta has not been able to delete the 'old' transaction, as it has been transferred to the accounting journal. The date, text and amount are indicated so that the transaction can be identified. Note: the 'old' entry cannot be deleted if it has been posted in Uniconta. Duplicates will also occur if you have not unsubscribed from previous banking solutions from Bank Connect or Nordea. There can only be one banking solution per bank account.

Sorted out bank transactions

The following bank transactions will not be loaded into Uniconta.
  • Bank transactions that have a status = Reserved. It is typically Nordea that has this type of transaction.
  • Bank transactions of the type 'Zero Balancing'. Zero Balancing is used to keep the bank account in a certain balance, and therefore you have the opposite transactions. It is typically Danske Bank that has this type of transaction.

Receives no bank transactions

  • This may be because the connection to Mastercard needs to be renewed. It must do so every 90 days for security reasons and to confirm that the agreement is still active. Read the section 'Reconnect with Mastercard'.
  • Missing bank transactions may be due to issues with Mastercard.
  • If Nordea is used as a financial institution, there may be delays in loading bank transactions, as Uniconta only loads transactions that have a status of 'Posted'.
  • There may be a delay in when the bank sends the transactions to Mastercard. Sometimes it's not until the day after they get sent them. As a result, you may find that some entries are not there from the morning, but only later in the day.

Chromium

If you experience an error message with "Unable to find or restore Chromium binaries." the solution is to restart your computer.

Custody accounts

Custody accounts are not supported due to PSD2.