Bank Import; fails with "Failed to open DataReader" error

Importing Bank Transactions may fail with the error "Failed to import Bank Transactions. Failed to process Bank Import Line. Failed to open DataReader. No value given for one or more required parameters.".

This may affect the following import types:

AusPost Billpay (type 1)
AusPost Billpay (type 2)
BPAY
Ezypay Australia
Ezypay New Zealand
NZ Post BillPay