Finaloop provides real-time transaction data from over 10,000 financial institutions by seamlessly integrating with your banks through the largest open banking API platforms.

We ensure complete accuracy and continuously updated reconciliations for your bank and credit card accounts by following our 3-Step Reconciliation Approach:

At Finaloop, accuracy is our top priority and the backbone of everything we do. We employ several robust mechanisms to ensure your data integrity and guarantee that your bank accounts are reconciled around the clock:

Several times a day, Finaloop automatically compares balances from your books to those reported by your financial institutions. What traditionally takes place once a year, quarter, or month with a CPA or bookkeeper is done automatically in Finaloop multiple times a day.

When comparing the balances, we validate the data and any issues identified, like incomplete data or connection interruptions are quickly flagged for resolution.

Your balances in Finaloop align perfectly with your financial institution’s balances, ensuring a seamless reconciliation process (see screenshot from our Balance Tracker).

When discrepancies arise, our Balance Tracker alerts us to the differences (see screenshot below from our Balance Tracker).

Common reasons include:

Solution: Finaloop’s autocorrection feature cross-references data to resolve discrepancies automatically. If needed, we may ask you to upload bank statements or transaction activity for manual reconciliation.

We automatically compare and match the data received from your various integrations with your bank transactions. If we detect any discrepancies, they are immediately flagged in our anomaly detector.

For example, if your Amazon integration shows a $2,500 payout scheduled for November 4th but we can't locate this transaction in one of your accounts, we will highlight this issue in real time.

To ensure absolute accuracy, Finaloop requests bank statements at year-end for an additional layer of manual validation.

This process guarantees alignment with financial institution records and provides robust backup for tax filings.

At Finaloop, we’re committed to providing seamless support for all your financial institutions. While some banks don’t support direct integrations, we do everything we can to ensure you’re still able to keep your accounts reconciled.

For these cases, we offer a manually-managed account solution. This allows you to upload your bank transaction data in CSV format, which we then sync to your Finaloop account. This ensures your accounts remain fully reconciled, even if direct integration is not available.

We strive to make this process as simple and efficient as possible, ensuring that you can continue to rely on Finaloop for accurate, up-to-date financial records, no matter what bank you use.

If you ever suspect an issue with your reconciliation, you can easily access your balance sheet and compare it against your bank statements for confirmation. If you still believe there’s a discrepancy, simply contact our support team. Our experts are ready to assist and resolve any issues promptly.