The Bank Data Service is the most efficient way of obtaining bank data for Simple Fund 360. You have the ability to fully automate the flow of bank data from all major banks directly into Simple Fund 360 for a fixed annual fee.
The service will provide you with the following benefits:
- A reduction in manual data entry.
- Increased accuracy in transaction matching.
- Improvements in workflow and productivity.
- Proactive compliance and tax planning opportunities.
If you have not yet subscribed to the BGL Bank Data Service and would like to buy/purchase the service, please contact the BGL Sales Team on 1300 654 401.
If you are an existing subscriber and would like to increase your subscription (add more funds to the service), please refer to this article for instructions on upgrading your subscriptions through MyBGL.
Please follow the instructions below to set up accounts for the BGL Bank Data Service in 4 simple steps.
- Create Bank Account
- Setup for BGL Bank Data Service
- Uploading the Authority Form
- Awaiting Confirmation
If you have already submitted an authority form for processing to the Data Services Team and do not need to produce a new authority form, please skip step 3 of this section. If approval has already been granted by the bank, please allow 24 - 48 hours for the status to update.
Once you have added the bank account, it will appear on the Feed Management screen.
|From the Main Toolbar, navigate to Connect.|
|Select Feed Management from the list.||
In the Entity Summary tab, under Bank Feeds you can view the bank account details (Ensure a fund has been selected from Entity Workflow to unlock the tab).
1. From within the Entity Summary tab, select (+) Setup next to the bank account that you wish to set up the feed for.
2. Input the Account Name, BSB and Account number. From the Automated Data Feed section, select BGL Bank Data Service as the Feed Provider.
3. Select Print Form.
4. Simple Fund 360 will now populate the Authority Form which you are required to send to the fund's trustee(s) for signing.
5. Select Save. This will set up the feed in Simple Fund 360, although it will not yet be active.
1. Once you receive the signed Authority Form, navigate to the Feed Management Screen.
2. On this page, under the Entity Summary tab, select the upload authority form icon.
This is the recommended approach as it has the quickest turnaround time and is our most secure method. The upload feature will also allow you to download copies of the form at the click of a button and to easily track the status of your authority form(s).
Alternatively, you're welcome to send the completed form in PDF format to our team at email@example.com
It will take up to 10-15 business days for the setup process to be completed. When activated, from the Bank Feed Management Screen, the status column will display as Feed Operating.
Should a bank account show under the Attention tab in the Feed Management screen, the account will require further action from you or your client in order to activate the feed.
Note: To see all of the bank accounts you have that require further attention, simply click the Attention tab as pictured below:
For information on resolving the error, please hover on the information icon located next to the Attention Icon.
For more information on your bank feed status, click here.
- Automated Bank Data is only available from the time the authority form was approved by the financial institution. Approval may vary between 10-15 business working days.
The Bank Data Service is priced at $44pa (including GST), per fund. There are no additional monthly access fees. The service is sold at a minimum of 5 funds. Afterwards, it can be upgraded in single funds.
If you have not yet subscribed to the Bank Data service or would like to upgrade your subscription, contact the BGL Sales Team on 1300 654 401 or subscribe through MyBGL.
A majority of our financial institutions only supply automated data from the time they approve the signed authority form. For a list of financial institutions which provide historical data, please refer to this list - Supported Banks - BGL Bank Data Service.
If you require historical data, however, it is not supplied by the financial institution. You can upload a bank statement through BGL SmartDocs to obtain historical transactions. For more information on BGL SmartDocs, please visit this page - BGL SmartDocs.Alternatively, you may obtain a CSV file from the bank and upload to Simple Fund 360. For instructions on completing this, please refer to the following article - How to use Bank CSV Import?.
Refer to How to cancel Data Feeds for more details.
The BGL Bank Data Service will only display as a feed provider if your firm has subscribed to the service.
BGL receives the same information as what is in the fund’s bank statement in an electronic format each night.
BGL cannot transact on or directly access the SMSF’s bank account.
BGL obtains the data through a direct arrangement with each of the banks using the security systems implemented by each bank.
BGL will never ask trustees for their internet banking user name and password and BGL does not use any screen scraping software. All data is stored securely.
For more information, refer to the Bank Data Service Security and Privacy PDF.