Automated bank reconciliation processes

Purpose

1.1. Automate daily, weekly, or monthly reconciliation of bank statements against internal ledgers for corporate finance accuracy, fraud detection, and compliance.
1.2. Streamline error detection, reduce manual workload, accelerate closing cycles, ensure SOX compliance, and maintain audit trails in the aircraft manufacturing context.
1.3. Eliminate manual download and upload of bank data, standardize data mapping, flag mismatches systematically, and facilitate multi-currency, multi-entity reconciliation.

Trigger Conditions

2.1. Scheduled time-based trigger (e.g., 01:00 AM daily, end of fiscal week/month).
2.2. New bank statement file detected in secure SFTP, email, or cloud folder.
2.3. GL system ledger update or ERP record modification.
2.4. Manual reconciliation request by finance/control teams.

Platform Variants

3.1. SAP S/4HANA
• API: Bank Statement Processing (API_BANK_STATEMENT_SRV)
• Sample: Configure webhook ingest to pull new statement, match line items to internal AP/AR.
3.2. Oracle ERP Cloud
• API: Bank Statement REST (POST /fscmRestApi/resources/latest/bankStatements)
• Sample: Pull statements, trigger reconciliation jobs via REST invocation.
3.3. Microsoft Dynamics 365 Finance
• API: Bank Reconciliation Data Entities
• Sample: Scheduled data package import for statements, trigger reconciliation workflow.
3.4. QuickBooks Online
• API: /bankaccounts/{accountId}/banktransactions
• Sample: On new transaction, cross-reference GL via API, flag discrepancies.
3.5. Xero
• API: GET /banktransactions, PUT /banktransactions/reconcile
• Sample: Pull transactions, reconcile with invoices via batch job.
3.6. NetSuite
• API: Bank Statement Import (REST/Soap)
• Sample: Scripted scheduled job to fetch and auto-match transaction lines.
3.7. Sage Intacct
• API: Cash Management Bank Reconciliation endpoint
• Sample: Initiate auto-matching process with imported bank lines.
3.8. Zoho Books
• API: GET /bankaccounts, POST /bankaccounts/reconcile
• Sample: Listen for new import event, execute reconciliation routine.
3.9. FreshBooks
• API: GET /bank_accounts/transactions
• Sample: On new upload, automated matching to expense ledger.
3.10. Plaid
• Function: /transactions/get
• Sample: Scheduled connector fetches latest bank data to inject into ERP.
3.11. Yodlee
• API: GET /transactions
• Sample: Fetch and convert data for ERP matching, trigger cross-check scripts.
3.12. JP Morgan Access (Corporate Banking)
• API: File transfer SFTP, BAI2/MT940 download
• Sample: Time-based statement ingestion triggers reconciliation engine.
3.13. Bank of America CashPro
• API: Statement Delivery Web Service
• Sample: Listen for batch delivery completion, kick off reconciliation task.
3.14. HSBCnet
• API: Secure statement download, API/FTP integration
• Sample: On file availability event, launch transaction matching process.
3.15. SWIFT Alliance
• API: MT940/MT942 File/Event
• Sample: SWIFT event triggers reconciliation mapping parser.
3.16. AWS Lambda
• Function: Scheduled Python function, runs reconciliation script
• Sample: Polls bucket for new statement, batch compares to internal DB.
3.17. Google Cloud Functions
• Function: On Cloud Storage trigger
• Sample: Upon statement upload, executes reconciliation/matching logic.
3.18. Azure Logic Apps
• Feature: Recurrence trigger with REST/FTP connectors
• Sample: Automate end-to-end reconciliation on schedule or file update.
3.19. UiPath
• Module: Bank Reconciliation Workflow
• Sample: Robotic process performs data entry, exception handling for unreconciled items.
3.20. Power Automate
• Connector: Banking/Finance system APIs
• Sample: Multi-system orchestration for extracting, comparing, and logging reconciliation results.
3.21. OneSpan Sign
• Function: Digital sign-off of reconciliation reports
• Sample: Automatic routing for compliance signoff after reconciliation run.
3.22. Trello (for audit task management)
• API: Card creation for reconciliation exceptions
• Sample: On unreconciled batch, create audit review cards automatically.

Benefits

4.1. Reduces manual data entry errors and accelerates reconciliation close cycles.
4.2. Standardizes compliance reporting and audit processes, ensuring traceability.
4.3. Delivers real-time exceptions management and rapid resolution.
4.4. Increases visibility into multi-entity or multi-currency accounts.
4.5. Enhances fraud detection with immediate alerting for irregularities.
4.6. Ensures data privacy and control, minimizing risk of financial misstatement.