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Change in JP Morgan Chase Connections for U.S. Bank Feeds in NetSuite

Posted by Kevin Suh, NetSuite Administrator on May 4, 2022 2:27:54 PM
Kevin Suh, NetSuite Administrator

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You might have received a notice last month regarding the news that JP Morgan Chase (JPMC) is moving away from Screen Scraping technology and will no longer support connections to their credential-based sites. Per notification, this change is part of JPMC’s transition to Open Banking technology which aims to improve security and ensure smooth bank feeds connection. If you are using the NetSuite Bank Feeds SuiteApp which may be importing data from the JP Morgan Chase & Co. (JPMC) financial institution, you might have encountered the bank data import errors on or after April 21, 2022.

Netsuite recommends deleting a financial institution connection on or before April 21, 2022:

      1.  Go to Setup > Accounting > Financial Institution > List.
      2. On the Financial Institution page, next to the Bank Feeds financial institution record, click View.
      3. On the Format Profile: Configuration subtab, next to Connect to U.S. and Canada Accounts (Link Bank Accounts), click Edit.
      4. On the Connect to U.S. and Canada Accounts (Link Bank Accounts) Format Profile page, click the Connectivity Configuration subtab.
      5. On the Connections subtab, in the Delete Connections column for the financial institution you want to remove from bank feeds, click the Trash icon.
      6.  In the confirmation message that appears, click Delete to confirm your action.

If you did NOT delete and attempts to import from existing JPMC bank feeds connections will fail for the following services:

      1. Automatic daily import
      2. Manual initiation of bank data import through:
          1. Clicking the Edit & Save button (without making any changes) on the Connect Accounts to U.S. and Canada (Link Bank Accounts) format profile.
          2. Clicking the Update Imported Bank Data button on the Match Bank Data page.
This is due to the deactivation of the JPMC financial institution sites. The failure of JPMC bank feeds processes is only temporary as the Netsuite team works with JPMC to enable Open Banking technology for bank feeds in NetSuite.

As an alternative solution, you can manually import your bank data from your JPMC financial institution via the Bank Statement Parsers SuiteApp. It delivers standard parser plug-ins that can read bank and credit card statement files and import the data in NetSuite to aid with bank reconciliation If the Financial Institution and Format Profiles are set up correctly, the SuiteApp can identify multiple bank accounts within a single file.

To create a financial institution record:

      1. Go to Setup > Accounting > Financial Statements > Financial Institution.
        NetSuite displays the Financial Institution page.
      2. In the Financial Institution field, enter a financial institution name.
      3. In the Description field, enter a description to help you identify this financial institution.
      4. To configure format profiles for this financial institution, you must save the financial institution record first.
      5. To inactivate the financial institution record, check the Inactive box. The box is clear by default.
      6. Click Save.

After you save a financial institution record, you can add one or more format profiles to it. You can only associate a format profile with one financial institution record. If you delete a financial institution record, NetSuite deletes the associated format profile as well. You cannot delete a format profile that has associated imports.

The Bank Statement Parsers SuiteApp delivers standard parser plug-ins that can read bank and credit card statement files and import the data in NetSuite to aid with bank reconciliation. If you want to learn more about Bank Feeds SuiteApp or need help with installing the Bank Statement Parsers SuiteApp, please contact Concentrus today to discuss your needs.

 

 

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Tags: NetSuite, Reporting, NetSuite How To's, Accounting, NetSuite Tips, Financial, Bank Reconciliation, Bank Account, data, Excel, Bank Statements