This article applies only to self-employed individuals (sole proprietorships).
For companies, BILLY uses the CODA system (codified bank statements) rather than PSD2. This Belgian standard provides more comprehensive statements, which makes accounting processing easier for companies. Learn more about CODA processing for companies.
👉🏻 To start the synchronisation, go here: how do I sync my business account?
Secured via GoCardless 🔒
When you add a bank to BILLY, you are redirected to your bank to give your authorisation (a specific screen opens). In practice, you are granting a read authorisation to our provider GoCardless, which acts as an intermediary.
GoCardless is the provider that connects to your bank in a secure manner. It is accredited to connect to banks via the European PSD2 standard (it operates with the same security standards as a bank). Hundreds of banks across Europe are accessible through their service (check whether your bank is available directly in the BILLY app by adding a bank).
It is therefore GoCardless that provides us with your transactions. This means that BILLY can only view your account and cannot under any circumstances make a payment.
European PSD2 standard
👓 Read-only access
By granting your authorisation, you give GoCardless (and therefore BILLY) read-only access to your transactions. It is therefore impossible for BILLY to initiate a bank transfer.
🔄️ Authorisation renewal
The connection to your account remains active for 180 days. After this period, you will need to renew the authorisation. You will be notified in BILLY and the process is very straightforward (similar to the first connection).
⛔ Suspending the authorisation
You can also, at any time, suspend the authorisation. Simply send us a message via the live chat.
Data processing at BILLY
🎯 Centralising your business account in your bookkeeping
Your bank transactions from GoCardless are stored on our secure servers. This gives you centralised bookkeeping in one place on BILLY.
You can view your bank transactions and your account balance directly from BILLY. You can add comments to your transactions to better organise your business account.
💡 The financial journal is a mandatory accounting ledger. It contains the list of all your professional bank transactions. This way, you bring together your bank journal in BILLY.
🛠️ Additional features: categorisation
Transactions can be categorised. This brings several benefits:
If you are self-employed and VAT-exempt, your income is based on receipts rather than sales invoices. You are required to classify your transactions in order to declare your income. In this case, BILLY helps you automate this management.
For all self-employed individuals, categorising transactions helps organise your bookkeeping. Thanks to links between invoices and payments, you can track the payment status of your sales invoices and detect, from a transaction, whether an expense invoice has not been imported.
Free for BILLY customers
The service is completely free for BILLY customers. BILLY covers the connection costs. This way, you avoid the significant fees charged by Belgian banks for CODA (traditional electronic bank statements — a system that is set to disappear).
For any further questions, feel free to reach out to us via the live chat at the bottom right! 😊
See you soon 👋