How to integrate Salt Edge into Odoo

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One of the most widely used customer relationship management (CRM) and enterprise resource planning (ERP) systems, Odoo, has formed a partnership with Salt Edge, the industry leader in the development of open banking solutions, in order to obtain instant access to the financial data and enable business owners to rationalize invoices and payments quickly.

The market for modern accounting and business financial management software is expanding at an exponential rate, and in order for businesses to keep up with this growth and remain competitive, they should adopt novel technology and expand the range of services they offer.

When it comes to streamlining essential business procedures, open banking acts as a divining rod, bringing together tech-savvy and resource-saving solutions. That is why in today’s tutorial, we will show you how to integrate Salt Edge into Odoo to optimize your bank configuration on this platform. So, let’s dive in!

Table of Contents:

• Why should you use Salt Edge as a bank synchronization provider in Odoo?
• How to integrate Salt Edge into Odoo
  • Link your bank accounts with Odoo
  • Update your credentials
  • Fetch new accounts
• FAQ
• Wrapping Up

Why should you use Salt Edge as a bank synchronization provider in Odoo

Odoo has teamed with Salt Edge to incorporate open banking into its open-source enterprise resource planning (ERP) solution. This news comes hot on the heels of the announcement that the company had raised $215 million in funding. Because Odoo has integrated with the Salt Edge platform, the company will be able to provide its clients with immediate access to financial information. The goal is to create a system that will automatically reconcile payments with invoices.

The process of reconciling accounts has been a time-consuming effort for finance teams all across the world for a number of years. The ERP solution that Odoo offers will undergo additional improvement as a result of Salt Edge’s provision of support for an open banking platform. Through the agreement, companies will see an improvement in their bank synchronization, and they will be able to receive bank transactions into their ledgers without the need for historically labor-intensive procedures. In addition, the Sale Edge platform will offer a means to extract even more information, enabling Odoo to match transactions within the ERP more expediently.

This is a brilliant move by Odoo, and other ERP suppliers will soon be forced to imitate it to erase the competitive advantage they currently hold. Finance leaders typically purchase financial systems. If providers can claim and demonstrate that their financial integrations would result in tangible efficiencies, they will have a significant advantage over their competitors. This is something that will now be available to Odoo, and other mid-market ERP software will need to find a way to mimic it or something very close.

How to integrate Salt Edge into Odoo

The goal of the Salt Edge Partners API is to make gaining access to financial information as easy as using a cURL for any organization, regardless of whether or not they are required to obtain a PSD2 Account Information Service Provider license. Import monetary data from financial institutions in the UK and EU using APIs compliant with PSD2 (Open Banking Standard, NextGenPSD2 Berlin Group, CBI Globe, Polish API, etc.). Import financial data in a risk-free manner from the user interfaces of several nations’ online banking systems. Maintain a daily, fully-automated synchronization of all of your accounts and transactions. Automate the process of enriching financial transactions by categorizing them and identifying the merchants involved. Maintain a list of currency rates that is both well-organized and up-to-date at all times.

Link your bank accounts with Odoo

You may begin the synchronization process by selecting Accounting > Configuration > Add a Bank Account from the drop-down menu.

Choose the organization whose data you wish to synchronize. By selecting it, you can determine whether or not Salt Edge is the institution’s third-party provider.

Following submitting your phone number, you will be requested to provide an email address. The creation of your Salt Edge account requires the usage of this email address. You must enter a valid email address to be able to access your Salt Edge account. Please check your email address before continuing.

Following the submission of your email address, you will be taken to Salt Edge to proceed with the synchronization procedure.

Remember to check the box indicating that you are giving your approval by clicking the checkbox.

Follow the procedures to complete the synchronization successfully.

Update your credentials

You may need to alter the syncing settings or update the credentials associated with your Salt Edge account.

To accomplish this, navigate to Accounting > Configuration > Online Synchronization, and then pick the institution whose credentials you wish to update. To begin the flow, you must click on the Update Credentials button and then follow the steps.

Remember to choose the consent checkbox before continuing. In that case, Odoo might not be able to access the information it needs from you.

Fetch new accounts

It is possible that you need to incorporate other internet accounts into your connection.

To do this, navigate to Accounting > Configuration > Online Synchronization, and then choose the institution from which to retrieve the new account information. To begin the process, select the Fetch Accounts button on the toolbar, and then proceed through the stages.

Remember to choose the consent checkbox before continuing. In that case, Odoo might not be able to access the information it needs from you.

FAQ

When I attempt to delete my synchronization from within Odoo, I receive an error message. It is not possible for Odoo to completely eliminate the connection that you have established with the financial institution. However, it can revoke the consent you previously granted to Odoo, which will result in Odoo no longer being able to access your account. The problem you are seeing is a message informing you that the consent was revoked, but the record could not be removed since it still exists within Salt Edge. You are getting this message because the record could not be destroyed. Please sign in to your Salt Edge account and go into the synchronization section to delete it manually if you want the connection to be entirely severed. After this has been completed, you can return to Odoo and delete the entry.

There is a warning stating I have already synced this account, but the fault still persists. You have most likely already linked your bank account with Salt Edge; however, please verify on your dashboard to ensure that you do not have a connection with the identical credentials already established.

If you already have synchronization with the same credentials present on your Salt Edge dashboard and this synchronization has not been created with Odoo, please delete it and create it from your Odoo database. If you do not have synchronization with the same credentials present on your Salt Edge dashboard, don’t hesitate to get in touch with Salt Edge support.

Suppose you already have a connection with the same credentials present on your Salt Edge dashboard, and this synchronization was created with Odoo. In that case, you will generally be able to find it by going to Accounting Configuration Online Synchronization. If you do not already have a connection with the same credentials present on your Salt Edge dashboard, you will need to create a new connection. In order to revive the connection, kindly ensure that you have performed an Update Credentials.

Wrapping Up

The door is always open to the ordinary world. It is prudent for open-source software provider Odoo to hook up with the open banking platform offered by Salt Edge. Following the fundraising completion, Odoo made this announcement, which serves as the first sign that the company would accelerate its platform and development efforts. What comes next and what new features will be introduced as a result of this will be very interesting to observe.

We hope this article will help you understand how to integrate Salt Edge into Odoo. The announcement is peculiar in that its primary focus is on the European market rather than the more general one that exists worldwide. Odoo’s headquarters are in Belgium, but the company has offices worldwide, including in the United States, Asia, the Middle East, and Central America. The base of Salt Edge can be found in Toronto, Canada. Perhaps the initial rollout will take place in Europe, and then it will expand to include the rest of the consumer base.