Reconciliation and balance sync

Balance synchronization and reconciliation are at the center of any activities that occur within a bank account. By synchronizing activity, and reconciling debits and credits, the bank and the account owner get an accurate picture of the state of the funds in the account.

When funds are insured, the FDIC requires banks to know exactly who owns each dollar. Without that clarity, insurance pass-through breaks down.

Finally, you want access to this sync, to be on top of your funds for your own accounting purposes.

Cross River's COS banking core is a real-time system that operates 24/7. When a transaction posts to an account, it generates an activity record containing several data points, including the transaction amount and the resulting account balance. This is what appears in the Account Activity tab of the deposit account details page in COS Explorer.

FBO structures can involve multiple separate subledgers (subaccounts). Because COS creates subledgers in real time, each subledger stays aligned through daily or real-time reconciliation.

The COS Core performs its daily settlement process every night on all master accounts. During this time, the system re-sequences activity records to display credits before debits, standard practice among banks when presenting account activity to customers.

Resequencing records also involves adjusting the ending account balance for statements. As a result, the balance on the statement may differ from the balance after posting the transaction. The table below displays eight records for an account on a specific date, showing how the balance is reflected at different times, and showing the sequence numbers.