Overview

LedgerSync uses a hybrid approach to bank statement aggregation, drawing from two industry-leading data providers, Mastercard and MX, to maximize bank coverage for your clients. Because no single provider supports every financial institution in the US, using both ensures the broadest possible access to bank statements.

The Two Statement Aggregation Providers

1. Mastercard Open Finance

Mastercard covers more financial institutions for statement aggregation (SA) than MX. This is LedgerSync's primary data source for fetching bank statements.

2. MX

MX covers more than 1,100 financial institutions for bank statements. While there is some overlap with Mastercard, MX supports a number of banks that Mastercard does not, making it a valuable complement.

3. LedgerSync's Own Technology

LedgerSync's proprietary connections are primarily focused on check and deposit image fetching, with some additional bank statement coverage. This is accessed through Premium Bank Connections in the app.

Why a Hybrid Approach?

Not every bank in the US is supported by Mastercard or MX for statement fetching. By using both providers together, LedgerSync is able to cover a wider range of financial institutions than either provider alone. There will be some overlap, as certain banks are supported by both, but the combined coverage ensures that fewer clients fall through the gaps.

How to Check if Your Bank Is Supported

Mastercard: How to Check

1. Visit the Mastercard Open Finance Supported Institutions directory: https://developer.mastercard.com/open-finance-us/documentation/financial-institution/supported-institutions/
2. Enter your bank's name in the search box
3. Look for a green checkmark (✓) in the SA column: this indicates that bank statement fetching is supported

MX: How to Check

Use the Supported Institutions list in the LedgerSync app:

1. Open the Tools menu and choose Supported Institutions
2. Search for your bank by name
3. Find the row with the MX logo next to the bank name and look for a green Statements label: this means LedgerSync can fetch statements for that bank through MX

You can also email support@ledgersync.com and ask about a specific bank.

Tips

• If a bank is supported by both Mastercard and MX, either connection can be used to fetch statements, with two exceptions: American Express and Bank of America. New connections for these two banks, and repairs of broken connections, go through MX only.
• If a bank is not found in either list, it may still be accessible through LedgerSync's Premium Bank Connections. Check Article 22 for the Premium Banks list
• For banks not supported by any provider, you can submit a bank request through LedgerSync (see Article 4)

Related Articles

• Article 38: How to Add a Bank Feed Connection in LedgerSync
• Article 57: What Bank Connection to Choose
• Article 75: How to Check if Your Bank is Supported in LedgerSync
• Article 22: What Banks Are Supported in the Premium Banks List
• Article 4: How Do I Request a Bank Not Supported by LedgerSync

Need Help?

Contact us at support@ledgersync.com or visit our help center for additional resources.