March 17, 2025

Bank Account Statement Integration

This solution automates daily bank transaction retrieval via open API, gathering data from all company accounts and converting it to fund administration system format. Users can manage accounts and maintain mappings between bank and administration systems, ensuring seamless daily data flow for reporting and administration needs.

Business Applications
Workflow Automation
Financial Services

This financial automation system integrates directly with Investec's Open Banking API to transform transaction management. It automatically downloads, enriches with currency conversions and GL mappings, and processes banking transactions into the PAXUS accounting system. Built using low-code tools with an API-first approach, the solution reduces processing time from hours to just 10 minutes while eliminating manual errors.

Bank API integration solution slashing transaction processing time from hours to minutes

This sophisticated financial automation system connects directly with Investec's Open Banking API to download, enrich, and process banking transactions with currency conversions and GL mappings, reducing manual processing time from hours to just 10 minutes while dramatically improving accuracy and compliance.

Core Functionality

The Investec API integration automates the entire transaction management lifecycle, eliminating manual downloads and data entry. The system retrieves daily transactions from the Investec Open Banking API, enriches them with currency conversions and general ledger information, and seamlessly uploads the processed transactions into the PIM accounting system (PAXUS).

Technical Information & Development

The solution was built using low-code development tools version 6 with an API-first approach, incorporating automated testing. It integrates with multiple systems via API connections (GetToken, GetAccounts, GetTransactions), retrieves currency rates from the PAXUS database, creates standardised Excel files, and submits data via SFTP. The core development took only 3 weeks with an additional week for UAT, though infrastructure delays extended the timeline.

Business Impact

The implementation delivers transformative operational improvements:

  • Reduction in processing time from hours to just 10 minutes
  • Elimination of manual transaction review and data entry
  • Automated currency conversions and GL mappings
  • Improved transaction accuracy by removing manual errors
  • Enhanced reporting accuracy
  • Streamlined reconciliation processes
  • Improved compliance and auditing capabilities
  • Comprehensive process visibility and tracking
  • Sophisticated multi-currency handling
  • Scalability for future banking integrations

This solution has provided the foundation for expanded functionality, with proposals already submitted for additional bank integrations to further improve efficiency across the organisation.

Nicolas Glassford
Senior Manager
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