Bank Reconciliation Automation
Bank reconciliation automation uses software to match an organization's internal transaction records against bank statement data without manual intervention. Traditional bank reconciliation involves downloading bank statements, importing them into spreadsheets, and manually matching each transaction — a process that can take days for high-volume accounts. Automated bank reconciliation connects directly to bank APIs, applies matching rules and AI, and completes in minutes with 95%+ accuracy.
Key Details
- Connects to banks via APIs, Open Banking feeds, SFTP file imports, or direct Plaid integration
- Auto-matches deposits, withdrawals, transfers, fees, and interest against internal records
- Handles timing differences where bank posts transactions on different dates than internal records
- Multi-bank reconciliation consolidates accounts across multiple banking partners into one view
- Exception reporting highlights unmatched items with suggested resolutions and aging status
- Supports multiple currencies with automatic FX rate lookup for cross-border transaction matching
- Audit trail captures every match decision, manual override, and approval for compliance requirements