Bank statements overview
Underwrite with accurate, real-time cash flows enriched with detailed spend and income transaction categories
Our bank statements feature provides data from a linked company’s banking connections. Transactions are enriched with financial category and payment provider information.
Use cases
Common uses of our bank statements feature include:
Liquidity assessment: determine the borrower's ability to cover short-term expenses and financial obligations.
Financial obligation evaluation: assess the borrower's capability to meet debt payments and other financial commitments.
Cash flow trend analysis: identify patterns and fluctuations in the borrower's cash flow to predict their future financial health.
Revenue analysis: identify all revenue channels of a business using the payment provider enrichment.
Feature components
Our banking feature consists of the following components, supported across a number of banking data sources.
Accounts: detailed information on a business’ bank accounts including balances, account numbers, and institutions holding the accounts
Transactions: transactions incurred by the bank account
Account balances: balances for a bank account, including the end-of-day batch balance or running balances per transaction
Categorized bank statements: all connected bank accounts and transactions with enrichments in a single endpoint.
Feature enrichments
We provide the following enrichments via our categorized bank statement component.
Transaction categories
Bank transactions lack useful context for underwriting. We have solved this problem by enriching bank transactions with the same financial categories you find on an income statement (profit and loss) and a balance sheet. Lenders can rebuild a cash-based profit and loss using bank data. This gives them a clear and reliable view of borrower affordability.
View supported transaction categories
Payment provider
Businesses often sell across multiple channels, for example, brick and mortar, online or marketplace. We help lenders identify the total revenue of a business by identifying the payment providers in their bank transactions.
View supported payment providers
Supported outputs
You can retrieve the data pulled and enriched by the feature by downloading a report in an Excel format or calling the bank statements endpoints of our API.
Get started
Once you have the Lending API enabled, configure your instance to work with our bank statements feature.
Configure data sources
Follow the respective guides to set up enable banking integrations that will serve as a data source:
Enable data types and sync schedule
See how to enable data types and ensure the following data types have been switched on:
- Accounts
banking-accounts - Transactions
banking-transactions - Account balances
banking-accountBalances
Configure the solution to refresh data when you need it by setting a synchronization frequency. We recommend setting it to a daily or a monthly sync.
Configure webhooks
We recommend you configure the following webhooks to manage your data pipelines. These webhooks send a notification for each dataType separately.
Dataset status has changed to an error state
If you receive a notification from this webhook, it means an issue occured when syncing the specified data type. Resolve the issue and initiate the sync for this dataset again.
If you receive a notification from this webhook, it means data has been updated for the specified data type. This can include new, updated or deleted data. You should then refresh the data in your platform.