For companies or borrowers on your watch list, Lumonic allows you to enable bank account monitoring.
This feature should be used sparingly.
Bank account monitoring services like Plaid (we use Plaid and several similar services) are fragile and require constant reauthentication. This can create a bad expeirence for companies (making investors/lenders look bad) and therefore should only be used when visibility into daily liquidity is critical and outweighs the negative impact on borrower experience.
How to enable Liquidity Monitoring
Visit the company you want to enable and click on the "Bank accounts" tab
Ensure all Bank Accounts you wish to monitor have been added
Click "Require integration"
Click "Send request" on the resulting popup
Wait for the company to activate their banking integration
The Company/Borrower Experience
The company will receive a task on their homepage (where financial and other reporting tasks live) to connect their bank account
For all bank accounts the Investor/Lender has added, there will be a line to create or repair a connection
Each different bank will require the company to complete a separate authentication flow.
Note: Different banking products within the same bank might also require separate authentications. Ex: Chase Business Banking and Chase Premier accounts might be separate systems at Chase.
Once all accounts have been connected, the company can submit the task to complete
Any time the connection break and requires reauthentication, the company will receive a new task notifying them to fix the connection.
View your bank page to see reported balances, connection status, and export data as needed
