What Bank Connection to Choose - Ex/ Mastercard API, Ledgersync Premium, MX

What Bank Connection to Choose: Mastercard API, LedgerSync Premium, MX, or Mercury

Purpose

LedgerSync offers several bank connection types so you can get the data your clients need: bank statements, transactions and check images. In most cases you do not have to choose one. When you add a bank, LedgerSync picks the connection for you, based on the bank and the data you ask for. This article explains what each connection type does (MasterCard API, Premium Bank Connections, MX and Mercury) and when to pick one yourself.

How to Add a Bank Connection

  1. Log into the LedgerSync application.
  2. Select the client you want to add a bank connection for.
  3. In the Bank Connections panel on the left, click Add Bank Connection.
  4. Type the name of the bank in the search box and select it from the results, or click the bank's logo.
  5. Under What information would you like to aggregate?, choose Transactions, Statements and/or Checks, then click Submit.
  6. LedgerSync shows the connection or connections it is going to add. Click Start and follow the prompts to sign in to the bank. If only one connection is needed, LedgerSync may start it right away.

Add Bank Connection is greyed out? The button stays disabled until LedgerSync has approved your account. Until then, hovering over it shows Account is pending approval. If your account stays pending, contact LedgerSync Support.

Can't find the bank? If your search finds nothing, the window shows No institutions found and a Request New Bank link. Clicking it closes the Add Bank Connection window and opens your My Bank Requests list. Click Add new bank request, fill in the form (your details, the client, the bank and its login page, the bank login, and which data you need: Checks, Statements and/or Transactions), then click Send. The request then appears in your My Bank Requests list. You can also open Request New Bank from the menu under your account name.

LedgerSync may add more than one connection for the same bank. For example, transactions and statements can come through one connection, and check images through a separate Premium Bank Connection.

If LedgerSync can't pick a connection for some of the data, it tells you. It either asks you to use Pick Manually, or says it can't provide that data for this bank at the moment.

How LedgerSync Picks the Connection

  • Transactions come from MX or the MasterCard API.
  • Statements come from MX or the MasterCard API when either one offers statements for the bank. If neither does, LedgerSync uses a Premium Bank Connection when one exists for that bank.
  • Check and deposit images always come from a Premium Bank Connection.

Picking a Connection Yourself

To choose the connection type yourself, click Pick Manually at the top of the Add Bank Connection window. You can then choose Statements & Transactions (Using Mastercard API), Premium Bank Connections, MX, Mercury or PDF (to upload statement PDFs yourself).

Option 1. MasterCard API Connection

The MasterCard API connection retrieves a client's bank statements and/or transactions through Mastercard's open finance network. In Pick Manually, it is the card called Statements & Transactions (Using Mastercard API).

Mastercard supports two key services:

  • TA (Transaction Aggregation): brings in individual transactions
  • SA (Statement Aggregation): downloads the bank's statement PDFs

To see which banks Mastercard supports, open Mastercard Supported Banks in the menu under your account name.

If a bank supports only one of these services, a MasterCard connection still brings in whatever is available. When you add the bank with Add Bank Connection, LedgerSync looks for another connection type for the missing data.

Option 2. Premium Bank Connections

Premium Bank Connections are recommended for:

  • Retrieving check and deposit images: this is the primary use case for Premium connections, and they are the only connection type that brings in check images
  • Accessing supplementary statements for banks where MasterCard and MX do not provide statements

When you choose Checks in Add Bank Connection, LedgerSync adds a Premium Bank Connection for the check images when one exists for that bank. For statements, it uses one only when MasterCard and MX can't provide them for that bank.

Note: For Premium Bank Connections, you can download the LedgerSync Desktop App from LS Desktop App in the menu under your account name. See: LedgerSync Desktop App: Download & Install Guide

Option 3. MX Connection

MX is LedgerSync's second full bank aggregator, available alongside the MasterCard API. MX is fully live, and LedgerSync may pick it for you when you add a bank.

Choose MX yourself (Pick Manually, then MX) when:

  • Your bank is not supported by the MasterCard API but is available through MX
  • You need both transactions and bank statement PDFs from a bank that MX supports

What MX supports:

  • Transaction aggregation (TA): fully available
  • Statement aggregation (SA): available for banks where MX offers statements
  • Banks that ask for a one-time security code (MFA): you enter the code in the MX sign-in window
  • Broken connections: the Fix Bank Connection button and the Text Client To Fix option work for MX the same way they do for MasterCard

To check whether your bank is supported through MX, go to Tools, then Supported Institutions in LedgerSync and search for the bank. Each result shows the connection's logo and whether it offers Transactions, Statements and Checks. You can also contact support@ledgersync.com.

Note: When LedgerSync connects a bank through MX, it asks MX for transactions and statements (when MX offers statements for that bank) together, in a single sign-in. This means you sign in once for both, not once for transactions and again for statements.

Option 4. Mercury

To add Mercury Bank, click Pick Manually, choose Mercury and confirm. Mercury connections are updated automatically.

For setup instructions, see: Mercury Bank: How to Connect to LedgerSync

Quick Reference: Which Connection to Use

  • Bank statements and/or transactions (most banks): use Add Bank Connection and let LedgerSync pick. It uses MX or the MasterCard API.
  • Check or deposit images: Premium Bank Connections. LedgerSync adds one when you choose Checks, if one exists for the bank.
  • Statements or transactions for a bank not on MasterCard: MX
  • Mercury Bank: Mercury, through Pick Manually
  • Supplementary statements for a bank not supported by MasterCard or MX: Premium Bank Connections
  • Bank not found in the search: click Request New Bank, then Add new bank request

Need Help?

If you are unsure which connection type to use, or need help getting connected, contact LedgerSync Support:

support@ledgersync.com

Related Articles: