Financial & Compliance AutomationsPurpose
1. Automate extraction, import, and reconciliation of bank statement data into accounting, ERP, or custom financial systems.
2. Enable real-time or scheduled validation of payments, allocation to invoices, and error flagging.
3. Accelerate monthly closings, improve payment matching accuracy, and reduce manual entry errors or fraud risk.
4. Ensure compliance with audit standards and regulatory requirements for financial transparency.
5. Enhance visibility into cash flow, outstanding payments, and reconciliation discrepancies for stakeholders.
Trigger Conditions
1. Receipt of new bank statement via secure email, SFTP upload, or direct API pull.
2. Accounting period close (e.g., end of day, week, or month).
3. Manual trigger by finance personnel for ad hoc updates.
4. Detection of unreconciled transactions crossing a defined threshold.
Platform Variants
1. QuickBooks Online
- API: Bank Transactions API — configure auto-import for bank feed and trigger reconcile endpoint.
2. Xero
- API: Bank Statement Import — set up bank feed connector and auto-match payment rule.
3. Sage Intacct
- API: Cash Management — enable import_bankstatements and reconciliation_run endpoints.
4. Oracle NetSuite
- Module: Bank Reconciliation — set scheduled integration via SuiteTalk SOAP Web Services.
5. SAP S/4HANA
- Function: Automatic Bank Statement (EBS) — configure FF_5 for automated data upload and FEBA for reconciliation.
6. Zoho Books
- API: Bank Statement API — configure auto-fetch and rule-based payment mapping.
7. FreshBooks
- API: Bank Reconciliation — set recurring fetch and auto-match for payments.
8. Microsoft Dynamics 365 Finance
- Integration: Electronic Reporting — schedule direct bank feed import and automate reconcile batch job.
9. MYOB
- API: Banking — auto-fetch bank statements and setup transaction rules.
10. Wave
- API: Transactions — enable bank connection and schedule reconciliation job.
11. Plaid
- API: /transactions/get — connect banking institution and push data to financial software via webhook.
12. Yodlee
- API: getTransactionData — pull transactions and configure rules engine for reconciliation.
13. Fiserv
- API: Bank Data Aggregation — set up scheduled export to ERP or accounting system.
14. Adyen
- API: /balancePlatform — automate payment settlement data sync and map to invoices.
15. Stripe
- API: /balance_transactions — schedule reconciliation of payouts against internal ledger.
16. PayPal
- API: Transaction Search — download settlements and configure reconciliation script.
17. Wise (formerly TransferWise)
- API: /statements — auto-download and match cross-border payments.
18. Revolut Business
- API: /transaction — automate bank feed import, set up matching actions.
19. Comma
- API: /statements — fetch batch bank statements for multi-bank business accounts.
20. OFX Direct Connect
- Protocol: Scheduled pull — integrate OFX-compliant bank feeds to ERP.
21. JPMorgan Chase
- API: Direct Connect (Treasury) — fetch statements and transactions via secure connection; trigger reconciliation batch job.
22. HSBCnet
- Function: Host-to-Host channel — configure BAI2 statement file delivery and import automation.
23. Ponto for Business
- API: /transactions — fetch multi-bank feeds and push to accounting API.
24. Mambu
- API: getTransactions — pull banking data, schedule reconciliation workflow.
25. SAP Concur
- API: Bank Statements — enable scheduled imports for expense reconciliation.
26. FIS Global
- API: Real-time bank feeds — ingest transactions to ERP and apply reconciliation rules.
Benefits
1. Eliminates manual data entry, minimizing error and freeing finance team resources.
2. Accelerates period-end closing and improves real-time financial visibility.
3. Enhances fraud detection via rule-based reconciliation and anomaly alerts.
4. Maintains audit readiness and regulatory compliance, reducing risk of fines.
5. Scales seamlessly as transaction volume grows, supporting business growth.