Accurately closing a period’s books often relies on working with a great deal of banking and credit card transaction data. Closing efficiently is difficult, given the challenge of getting required data from banks. Traditionally, obtaining bank data requires the downloading of data in many formats from multiple sources.  Supplying this data is a costly service provided by banks and in some cases, the required data is not available in a format that can be loaded to other systems for processing. If multiple banks are involved, the data may be provided in different formats from each bank. Each different format must then be parsed, manipulated, and formatted for loading to other systems.

Traditional bank data integration with financial close and accounting applications is insufficient and behind the times.

BlackLine recently released a unique integration with industry-leading bank data aggregator Yodlee. The BlackLine Bank Connector by Yodlee enables finance and accounting teams to retrieve and aggregate bank data from more than 6,000 banks worldwide. With this out-of-the-box integration, organizations can access data from all of their banks in a single, consistent format from a single, secure source. Bank and credit card data where, when, and how users need it that modernizes the financial close process by removing the layers of complexity inherent to traditional bank integration.