Bank Authorities in BankFeeds
The Bank Authority form is an agreement between the Entity and a Bank to allow a BankFeed to be setup for an individual bank account. When setting up a BankFeed you will be prompted automatically to produce a Bank Authority.
All Bank Authorities will automatically be produced in BankFeeds.
Your accounting practice will then send (via email or post) the Bank Authority to the Entity for signing. Once signed the Bank Authority should be returned, by post, to the Service Provider by the Entity. It is advisable at this point to also save the Bank Authority to Document Manager or your own internal filing system.
Note: The BankFeed will then be verified by the Service Provider and the Bank before the feed is activated. This can take up to 10 business days.
Generating the Bank Authority at a later date
The Bank Authority can be generated at a later date if you do not wish to generate it on the initial set-up.
From the BankFeeds menu, click Bank Accounts.
In the Bank Account for:.window, click Feed and then Bank Authority.
Note: The General Authority form is no longer required for BankFeeds.