Hi, I am Evelien, Product Owner on the TOCO Platform.
Having your own business, that means keeping your financial administration. For many a necessity and certainly not their favourite occupation. TOCO tries to support you every step of the way. We already explained how to upload invoices and we will soon discuss how to pay invoices, but today I would like to go deeper into how to retrieve your banking transactions and balances automatically.
The CodaBox integration
TOCO has a partnership with CodaBox. This has the great advantage that existing customers of CodaBox can consult their financial transactions on the TOCO platform. How to activate this service?
Your accountant also works with TOCO
Often SMEs have taken out a CodaBox subscription via the bookkeeper. You give your mandate once and the accountant receives your banking transactions and balances from one or more bank accounts (even from different banks) directly from CodaBox. To make the financial transactions also available to you, the end-customer, on TOCO, your bookkeeper has to make the link between TOCO and his CodaBox subscription once. The steps are as follows:
- The bookkeeper asks CodaBox for a token (unique code to be used once) for the TOCO platform.
- The bookkeeper enters this token under the TOCO menu ‘Settings > Integrations > CodaBox’.
- Your account balances and transactions will be available as of the next business day (note: as soon as there is a new transaction)
Tip for the bookkeeper: activate this integration once and all your customers with a CodaBox subscription will receive their financial transactions on TOCO, it’s that simple!
Your bookkeeper does not (yet) work with TOCO
Too bad your accountant hasn’t discovered TOCO yet. It would be a pity that you wouldn’t be able to use your CodaBox subscription then, so we will make sure that you can request a token yourself from mid-February (provided you have an active subscription through your bookkeeper or directly) and have your banking transactions available on the TOCO platform. The steps are then as follows:
- Indicate that you want to request a token via the TOCO menu ‘Settings > Integrations > CodaBox’.
- We will forward your request to CodaBox and they will send a token to the email address they have on file.
- Enter the token under the TOCO menu ‘Settings > Integrations > CodaBox’.
- Your account balances and financial transactions will be available from the next business day (note: as soon as there is a new transaction).
Why are these financial transactions so important?
First of all because you can consult your account balances and your bank transactions at any time, but also because this is the beginning of the possibility to complete the circle of your financial administration. You have uploaded invoices on TOCO, you have paid them and by placing them next to your bank transactions you can see if any documents are missing for your bookkeeper, also called reconcile. Ideal, because you no longer have to wait for your accountant to ask for those 1 or 2 missing invoices. More about this soon. For the time being, we have the balances and banking transactions of the last closed working day, but we are working hard on our PSD2 license.
In short: PSD2 is the new payment directive within the European Union that makes it possible for account holders to give other service providers than their bank, such as TOCO, access to their payment account. The big advantage: you do not always have to go to your bank portal to view transactions in real time or initiate payments. You can then really do all the steps of your financial administration on TOCO (collect, pay and reconcile documents). This is done under very strict conditions. As an account holder, you give your explicit permission (consent) to, for example, TOCO to retrieve your account information, to initiate payments or both.
Of course, these new services are fully regulated and, as a service provider, you must meet strict conditions in order to be able to offer these services. TOCO is therefore in the final stage of obtaining this licence from the National Bank of Belgium. We will keep you informed!