Why ABA Bank Files are Putting Your Business at Risk

Stop placing your business at risk by eliminating ABA files

Did you know, that bank files are not secure, but rather, editable and viewable by any user and there is no audit track record of who makes changes to the file? 2FA and passwords does nothing to protect your business if you're still using .aba files and it's time to stop using these relics of the past. If you don’t, you might as well change your banking password to 123456, or write your banking password on a Post-it note and stick it on your display

Does this sound familiar: Your team logs in to your accounting software with their username and password, type in their 2 factor token, get authorised, then start preparing the pay run to pay the bills on Friday. After they've gained all the approval from the relevant approvers, they export the .aba bank file.

They save the file on the network drive or email you the file. You login to the bank, type in your username and password, type in the 2FA (to prove it's really, really, really, you)... then upload the bank file and go through the usual bank upload, eyeball the numbers, and you make the 30 payments after you eyeball if it's what you expected.

You've just placed your entire business at risk

Why? Simple. .aba files. How do you know the bank account numbers have not been tampered with? How do you know that your staff' salaries has not been leaked by the snooping tech savvy employee you just hired?

ABA files are just text files and it's time to get rid of it immediately

Paytron has developed a world class solution that replaces the above process with a simple click-of-a-button. By integrating directly into accounting software like Xero and MYOB, we bypass this insecure data transfer method and instead pull bills and invoices directly from your accounting software through a secure, encrypted connection.

Bills instantly appear in Paytron and are subject to your approval workflows, with clear audit track records. No longer do you need to export and email bank files with supporting spreadsheets and pdf invoices. Now your payment system speaks directly with your accounting system. The best part is, after Paytron has processed your payment on the due date you selected, the system will even do the bookkeeping in your accounting system leaving you and your accountant with more time to add value instead of logging into multiple systems.

Paytron now even supports payroll payments. So your staff's remuneration stays as it should be: confidential.

Paytron. Better business payments.

What are .aba bank files?

Never heard of a bank file or ABA file? Your business and your finance team uses it to make batch payments. It is an export file from software that your bank uses to process batch payments. Quoting a major bank: "An Australian Banking Association (ABA) file is a standard of file used by Australian Banks to make multiple payments for uploading data to internet banking systems.