Blog Posts

October 4, 2017

Updates to Account Aggregation

Patrick Kelly
Engineering

We have been hard at work at our account aggregation stack and today we are announcing several improvements to the technology.

Here are some of the key updates:

Node Sync

We are now adding the option to sync nodes that have been added through bank logins. A node can be synced once every 4 hours and — if successful — will update the balance on the node and also pull in any new transactions.

Node sync has been integrated right into the existing GET node API call. To initiate a node sync, simply perform the GET request with a url parameter of force_refresh=yes.

Bank Transaction History

You can also see the transaction history for a node added through bank logins. To determine whether transaction history is supported for a specific bank, see our institutions show API call and look for tx_history_months; any value greater than 0 indicates support.

Just like Node sync, access to bank transaction data has been integrated right into the existing GET node API call.To access the transactions data, simply perform the GET request with a url parameter of full_dehydrate=yes.

Transaction Analysis

GET node API call with full_dehydrate=yes also returns an analyzed transaction summary. This includes information like income streams, recurring withdrawals, recurring bank fees, and a general analysis of recurring credit card payments.

This can provide insight into payments that are scheduled to be charged to the account even if they are not initiated through the user’s institution (for example, the card issuer is debiting the user’s account).

Bill Pay Data

Along with transaction data, we are now also returning all the bills user has linked to their bank. In the long term, our goal is to be able to provide a bill pay migration tool, that would allow customers to switch banks in matter of seconds, making it effortless for customers to be able to move from a external bank to a Synapse managed bank account.

Recent statements

We now also return the most recent monthly statement associated with the user’s bank account. This acts like another documentary check that we can have on file for users for KYC purposes.

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As always, we are continuously adding more banks to our logins, so be sure to check our institutions show API call  for updates.

To see which features are available for each bank, please check out our institutions show API call and look for the features key.

We are also expanding our support for business banking customers and for greater clarity, we have added personal_auth and business_auth into the features list. Personal auth indicates we can link traditional consumer accounts, while business auth indicates we can also link business bank accounts.

Sources

Updates to Account Aggregation

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Patrick Kelly
October 4, 2017

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