Instead of manually entering bank transactions or logging into online banking and importing transactions from your bank, you can save time by creating a bank feed connection. You can create bank feeds for multiple financial institutions.
The connection Flare makes is a service provided by Yodlee. The bank feed is a secure, one-way, read-only connection and can only be used to auto-download a record of transactions that you associate with bank accounts you've created in Flare. Flare cannot perform any other transactions in your physical bank accounts.
You don't have to set up bank feeds, but we do recommend it for its time savings. If your company has a small volume of business transactions monthly, you could enter transactions manually or import a bank transactions file if you prefer.
Create a bank feed connection
To make a bank feed connection do the following:
- Click the Settings gear icon and click Banks in the Settings left menu (1 and 2 below).
- Click Connect (3 below).
- In the Select Bank dialogue, click the dropdown menu, click the field and begin typing your bank or financial institute name (4 below). Flare will find the bank. Select it and click "Next" (5 below).
- Enter your online banking credentials and click Submit (6 and 7 below). Because each bank has different login credential requirements, your login may look a little different than the screenshot below.
After clicking "Submit", you may have to wait a moment for Flare to make the connection to your bank.
- Once the connection has been made, you'll see an Import Status notification. Click "click here" in the status notification (8 below).
- Click "Manage" next to the name of the Financial Institute (9 below).
- In the "Bank Account" column, you'll see a list of account feeds available for the newly added financial institution. You'll associate available bank account feeds with bank accounts you create in Flare.
If you have not created any bank accounts in Flare, click open the dropdown menu, click "Add new account" and create the Flare bank account on the fly, giving it the same name as the financial institute account. (10 below).
- If you have already created a bank account, select it from "Flare Account" dropdown menu (11 below).
The Bank Account feed connection is now associated with the Flare bank account you selected.
If you don't want to use an available bank feed, leave it unselected.
- Click Download Transactions (12 below) to start the bank transaction feed download. After you've downloaded the feed for the first time, it will auto-download periodically (see Yodlee bank feed auto-download frequency below). You can download new transactions at any time by clicking the "Download Transactions" button.
- If there is ever a need to reestablish the bank feed connection (e.g. if your online banking credentials ever change), click the Settings icon (A below), re-enter your username and password and click Submit.
- After clicking "Download Transactions", bank transactions will begin downloading. Transactions will appear as "unreconciled" in your Flare bank account(s). You can now reconcile bank transactions.
Yodlee bank feed auto-download frequency
Bank feed connections are provided by Yodlee, a third-party bank feed service provider. Auto-download (auto-refresh) frequency is determined by Yodlee and is based on how often you use online banking. Auto-downloads can occur nightly, weekly or monthly.
Rather than waiting for an auto-download to occur, you can download new transactions at any time by clicking the feed's “Download Transactions” button.
- High-frequency financial accounts (bank accounts, credit cards, investment accounts) that have activity at least once in 30 days are refreshed daily.
- High-frequency financial accounts that are active at least once in 30-45 are auto-refreshed every 3 days.
- High-frequency financial accounts that are active at least once in 45-90 days are auto-refreshed weekly.
- Low-frequency accounts (loans, mortgage, insurance, bills) and non-finance accounts with activity at least once in 30 days are refreshed weekly.
- Low-frequency financial accounts and non-financial accounts that are active at least once in 30-90 days are refreshed every 2 weeks.
Auto-refresh occurs anytime between 10 am (PDT) and 5 pm (PDT). Auto-refreshes are stopped if a user’s account is inactive for over 90 days.