---
title: Bank Feeds are coming to NetSuite! -NZ
description: NetSuite 2019 Release 2 is bringing some very exciting features with it, including some major updates to its banking system.
---

[Blog Page - Ogg - NetSuite Partner ](https://oggsolutions.com/nz/blog-page)

# [Bank Feeds are coming to NetSuite! -NZ](https://oggsolutions.com/nz/blog-page/2019/08/15/bank-feeds-are-coming-to-netsuite)

 Written by [oggsolutions](https://oggsolutions.com/nz/blog-page/author/oggsolutions) | Apr 4, 2025 6:23:24 AM

NetSuite 2019 Release 2 (NetSuite 2019.2) is bringing some  
 very exciting features with it, including some major updates to its banking system.

It feels like the last piece of the puzzle, NetSuite has  
 been known as the best cloud ERP system for over 10 years but there’s been one  
 gap in that bank feeds were not standard within the application.

2019.2 changes that, as it now provides an sFTP option to  
 import bank statements directly with NetSuite.

sFTP is okay, but it’s old technology that requires setup  
 from your banking provider.  This may be  
 a solution for some customers, but for the majority it isn’t a great option.

There is good news however, due to the recent government  
 regulation changes in Australia on Open Banking via the [Farrell  
 Report](https://treasury.gov.au/consultation/c2018-t247313) the API option is coming which will allow direct bank  
 feeds into NetSuite.

Major Australian and New Zealand banks (ANZ, CBA, NAB &  
 Westpac) will need to open up API access so data can be pushed directly into  
 NetSuite without the need of SFTP. There are a few phases in the roll-out, but by  
 early 2020 banks should have the information available to start implementing  
 the API option for NetSuite.

*Subscribe here to get the updates about availability.*

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Here’s an overview of new banking features coming in NetSuite 2019.2:

#### **Advanced Banking Data Import **

Previously, users had to download a bank statement from their  
 financial institution and then import the statement into their NetSuite account  
 using NetSuite’s default parser behaviour.

If the imported statement was in a file format that  
 NetSuite's built-in parsers supported, the import was successful.

Now, users can configure custom parsers in a Format Profile  
 of a Financial Institution record. Users can then import files in the format  
 from the financial institution for which they configured the parser.

Using the Parser plug-in, administrators can create and upload their own parsers for different bank and credit card statement formats and implement them in NetSuite.

#### **Direct Bank Connectivity**

Another major update in 2019.2 is that users can now use  
 the Bank Connectivity plug-in to forgo manual uploads and automate the bank  
 connectivity process.

By using an sFTP connection, NetSuite can directly connect to a financial institution and retrieve bank statement files for users.

#### **Asynchronous Importing**

One of the most important changes this update will make is  
 in terms of the statement import process.

In previous iterations this process was synchronous, which  
 means that users had to keep the Statement File Import page open and wait for  
 the import to complete before they could perform another action.

Also, the import process often failed if it exceeded the  
 configured time-out settings.

Now, the import process is asynchronous, which means users  
 no longer need to wait on the page until the import is done and can perform  
 other actions while the process is ongoing.

Users can import multiple bank statements at the same time,  
 but the number of simultaneous imports is limited depending on the NetSuite  
 Service Tier.

As well as this the import process no longer fails if it  
 exceeds the configured time-out settings, which for many users will be a big  
 relief.

#### **Other new Banking Features **

- Financial  
   Institution Records - As of 2019.2, NetSuite includes the new Financial  
   Institution and Format Profile records. Users can now map accounts and bank  
   transaction codes for multiple accounts in a Format Profile of a Financial  
   Institution record.

- Exclude  
   Bank Account Transaction Codes – Users sometimes need to exclude certain bank  
   account transactions included in bank statement file imports from the statement  
   import. With this update that process is simplified as uses can exclude any  
   transaction type codes from the file import.

*NetSuite 2019.2 is changing a lot of features, subscribe below to stay up to date.*

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[View full post](https://oggsolutions.com/nz/blog-page/2019/08/15/bank-feeds-are-coming-to-netsuite)

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