Switch from Rabobank Bank Link to Exact Online

On 1 August 2022, Rabobank will discontinue the current bank link and replace it with the PSD2 link and the Rabo Accounting Link. We use the bank link to automatically import bank mutations into administrations. In order for this automatic import to continue after 1 August, Rabobank clients are expected to take action. We will be happy to provide you with more information on the different types of bank links and how to establish them.

PSD2 link or Rabo Accounting Link

PSD2 stands for Payment Service Directive 2. This is European legislation designed to improve payment services in terms of efficiency, competition and innovation. Through the PSD2 link, customers authorise Rabobank to send information from their bank account to their records in Exact Online. This permission can also be withdrawn at any time.

In addition to the PSD2 link, Rabobank offers its own bank link, the Rabo Accounting Link.

Choice of links

Rabobank therefore offers two links. Which one is needed depends on a number of factors. A separate link is required for each account. You therefore make a separate selection for each account. The PSD2 link is usually the best choice. The new Rabo Accounting Link is the right choice for:

savings accounts;
investor accounts;
G-accounts;

And if you:

makes use of direct debits; and/or
you want to give permission for the exchange of transactions once instead of every 90 days (Rabobank and Exact Online have indicated that they will charge extra costs for the use of this link in the future).

In all other situations, the PSD2 link is the right choice.

Exact Online provides more information on the differences between the links in the table below, published on 14 June 2022.

	Current Rabobank Accounting Link (discontinued August 1, 2022)	PSD2 link for Rabobank	Rabo Boekhoud-Koppeling
Frequency
Retrieve account information	Once a day	Yes	Yes
Retrieve instant transactions	No	Yes	No
Send payments	Direct	Direct	Direct

Supported accounts
Corporate checking accounts	Yes	Yes	Yes
Private Accounts	No	Ja	No
Corporate savings accounts	No	No	Yes
Corporate investment accounts	No	No	Yes
Blocked (G) accounts	Yes	No	Yes

Payments and collections
Single payment orders	No	Yes	No
Batch payments	Yes	Yes	Yes
Automatic debit	Yes	No	Yes

Security
(De)activating the link	In Rabo Business Banking (Pro)	From Exact Online	From Exact Online
Extend permission	One-time	Every 90 days	One-time
Mobile app for permission renewals	No	Expected in June	No
Signing of payments	In Rabo Business Banking (Pro)	Direct in Exact Online	In Rabo Business Banking (Pro)

Action required before 1 August 2022?

How quickly you need to act depends on how up to date your records are and on the deadline for submitting VAT returns:

1 August 2022:this deadline applies if you are used to the administration always being ‘up to date’.
15 August 2022:this deadline applies if you submit monthly VAT returns.
1 October 2022:this deadline applies if you file VAT returns quarterly.

Creating a new link

Creating a new link is a two-step process:

Step 1 – Company screening:

You state who the UBO of your company is, his/her date of birth and you provide the business structure of your organisation schematically.
You declare that you have permission to represent your company; and
You identify yourself via iDIN (a private bank account). Have your bank card, identifier and/or banking app ready.

Step 2 – Switch to a new link:

You set up the new bank link via a wizard (installation assistant);
All your bank transactions are then immediately updated;
You switch on the new bank link, which automatically replaces your old link; and
To link your business account, you use the bank card of the business account and the Rabo Scanner or Rabo App.

Making the switch yourself

Setting up the bank links is relatively easy if you use the comparison table and the instruction video below that Exact Online has made for you. If you do not yet have a login to Exact Online, we will send you a separate message with the login this week.

Do you need help?

Of course, we are happy to offer our help. We do this in a Teams meeting of about 30 minutes, for which you can schedule an appointment online:

Please note: if the link must be created before 1 August, schedule an appointment now.

Cost of appointment

The switch to the new bank link is a choice imposed by European laws and regulations. After Rabobank, other banks will follow suit. If you establish the link(s) yourself, you will not incur any costs. If you want us to help you, we will have to charge you for our efforts. In most cases, this will be limited to one hour.

FAQ Rabobank Bank Link

Why will the current Rabobank Link be discontinued from 1 August 2022?

Rabobank has decided to stop supporting the old bank link for technical reasons. Rabobank wants to offer its customers a good technical basis and has therefore chosen to replace the bank link.

I have received a message in Exact Online saying that I need to switch to the Rabobank PSD2 bank link. How do I do this?

In order to make it as easy as possible for you, Exact Online has recorded the instructional video below for switching to the new bank link.

What happens if I do nothing?

If you do not switch to the new bank link before 1 August 2022, your bank balances and transactions will no longer be automatically updated in your records. In addition, you can no longer submit payments or direct debit files via Exact Online. If you have your own licence, you can import transactions, upload payment files and update your bank manually.