Financial institutions exchange real-time information with Twinfield online accounting service

14 July 2008

Twinfield, the leading provider of online accounting services in Europe, has today announced that more than twenty national and international financial institutions now exchange real-time information with its web service.

The integration of online banking and online accounting provides Twinfield users with some key benefits. Payment orders no longer need to be manually copied to the banking service and bank statements no longer need to be manually entered into accounting systems. Data exchange between the financial institution and the book-keeping is fully automated. Twinfield users who maintain an account with one of the twenty banks, who are now linked to its web service, are gaining considerable time savings. Among the financial institutions paired with Twinfield are ABN AMRO, Rabobank, ING-bank, SNS-bank, Fortis, Bizner, Bank of Tokyo, Raiffeisen bank, Bank of Ireland, AIB and Ulster Bank.

The Twinfield online accounting service allows full integration with internet banking. Payment or Direct Debit files can be generated to pay or collect invoices. On the other end of the accounting process it is also possible to import bank statements using the e-bank statement function. This self-learning tool will not only import, but will also automatically allocate transactions to the relevant expense, supplier or customer account.

“The Reconciliation Product gives Ulster Bank clients the ability to import electronic bank statements directly into Twinfield, reducing manual bookkeeping entries and possible errors,” said David Delaney, consultant, Ulster bank. “We have worked together with Twinfield Ireland, on an exciting project for our mutual client, IPOS. IPOS is a network of independent pharmacies and they hold 170 bank accounts with Ulster bank. Now with a single file download & import, statements for all 170 accounts can be processed automatically in a fraction of the time manual input would have taken. This is a perfect example of how Ulster Banks internet banking facility combined with Twinfield has offered true added value to the customer.”

André Kwakernaat, CEO and co-founder of Twinfield concluded: "Our leading position in online accounting enables us to realise the large scale pairing of financial services with a large number of European financial institutions. For our customers this means considerable time savings and therefore a reduction in costs.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development