FastBank: Bank Reconciliation for SAP Business One
FastBank helps finance teams using SAP Business One automate bank reconciliation and payment processing. It is designed for companies seeking to reduce manual transaction matching and payment file uploads.
At a glance
- Best for
- SAP Business One users, Finance teams managing high transaction volumes, Companies with multiple bank accounts across entities, Mid-market finance operations
- Pricing
- Pricing was not clearly available from the provided evidence. Buyers should confirm current pricing on the vendor website.
- Key use cases
- Automating Bank Reconciliation, Managing Accounts Receivable Payments, Executing Vendor Payments, Digital Invoice Processing
- Integrations
- SAP Business One, Shopify, Amazon, eBay
- Official website
- Visit FastBank official website
FastBank is a banking automation platform designed for users of SAP Business One. It connects to over 10,000 financial institutions globally to retrieve transaction data and match it against existing SAP records, which may help automate a portion of the reconciliation process.
The tool supports accounts receivable (AR) and accounts payable (AP) workflows within the ERP environment. It supports credit card and ACH payments for AR, and several payment methods for AP, including virtual cards, checks, and wires.
Additionally, the platform includes invoice automation using OCR to extract data from documents and perform three-way matching. Buyers should confirm that their specific banking institutions are supported and that the tool fits their existing approval workflows.
Key Features
Bank Reconciliation Automation
Retrieves bank transactions and matches them with SAP Business One data using existing invoices, vendors, and customers.
AR Payment Processing
Supports credit card and ACH payments, including a 'Click to Pay' secure link and the ability to charge multiple invoices in one step.
AP Payment Execution
Supports ACH, virtual card, check, and wire transfers from the AP workflow with automatic remittance delivery.
Invoice OCR
Extracts data from PDFs, emails, Word docs, and images to populate fields in SAP Business One.
Three-Way Matching
Validates invoices by matching them against purchase orders and goods receipts before posting.
Customizable Approval Workflows
Supports the configuration of roles, steps, and assignments for invoice approvals.
Use Cases
Automating Bank Reconciliation
Reducing manual matching between bank statements and SAP Business One records.
Managing Accounts Receivable Payments
Collecting customer payments via credit card or ACH and recording the closure of corresponding invoices in SAP.
Executing Vendor Payments
Processing batch vendor payments via methods like wire or ACH without manual file exports to bank portals.
Digital Invoice Processing
Using OCR to capture vendor invoice data and routing it through an internal approval process before posting to the ERP.
Best For
- SAP Business One users
- Finance teams managing high transaction volumes
- Companies with multiple bank accounts across entities
- Mid-market finance operations
Integrations
- SAP Business One
- Shopify
- Amazon
- eBay
Pricing
Pricing was not clearly available from the provided evidence. Buyers should confirm current pricing on the vendor website.
FAQ
How does FastBank connect to banks?
- FastBank uses secure integrations to connect to over 10,000 financial institutions globally to retrieve and synchronize transaction data.
Can FastBank handle multiple companies in SAP Business One?
- Yes, it supports multiple bank accounts across different companies within the SAP Business One environment.
What invoice formats does the OCR support?
- The OCR can extract data from PDFs, emails, Word documents, and image files.
How much of the reconciliation process can be automated?
- FastBank may automate up to 80% of bank transactions on average using existing SAP data and reconciliation rules.
Source category: Finance & Accounting
Source subcategory: Bank Reconciliation
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How AI is used
FastBank is a banking automation tool for SAP Business One users that supports bank reconciliation, AR/AP payments, and invoice processing. It connects to over 10,000 banks and uses OCR for invoice data extraction. The software is specifically designed for the SAP Business One ecosystem.
Pros & Cons
Pros
- Direct integration with SAP Business One as the system of record
- Connectivity supporting over 10,000 financial institutions
- Supports various payment types including virtual cards and ACH
- Supports automation of transaction matching
Cons
- Designed exclusively for users of SAP Business One
- Pricing is not clearly available from the provided evidence
