Bank Account - Plaid
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Login to https://www.app.cascadedebt.com/
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Click on Administration > Under Banking > click on Add Account
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On the Add Bank Account pop-up box > Click on Connect via Plaid
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Input Entity Ownership by entering a name without any spaces (eg. CascadeDebt) > Input relevant Email Address with banking permissions and click on Add > Click on one of the Use option > hit Next
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Click Continue
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Input phone number
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Type in the banking institution name and search for it > continue with the bank’s instructions on how to connect via Plaid
Bank Account Automation - MT940
To set up bank account reporting automation through the SWIFT network, customers must request for this service to be enabled through their bank.
- Download this bank service request template.
- Fill in the necessary details and send this letter to the relevant bank relationship manager.
- Receive confirmation from the bank that the MT940 service has been successfully set up.
- Inform your Cascade Debt account manager so that Cascade can begin importing the statements.
Do note that the template highlights that "end of day FIN MT940 statements" should be sent to the stated BIC code.
Please also note that certain banks might ask for an RMA. Inform them that an RMA is not necessary and not required as this is just an MT940 statement.
If your bank relationship manager or business banker is not familiar with the MT940 request form, please instruct them them to escalate the request as this is typically handled by other teams.
Certain banks may have additional requirements to turn the service on and/or charge an additional fee for enabling this service. In most cases, this fee can be negotiated or waived by the bank.
Cascade Debt may charge a fee for bank account automation via MT940 which is based on a per bank (SWIFT code) per entity charge.
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- eg. if one entity has multiple accounts at one bank, it is one fee.
- eg. if one entity has accounts at multiple banks, fees will be charged for each bank
Bank Account - Manual
Bank account statements can be sent to Cascade via email on a recurring basis, eg. weekly or monthly.
1. Download this this reporting template
2. The template must be saved as a .csv file with the following table completed:
bank_name |
account_number |
account_name |
account_type |
statement_date |
closing_balance |
Currency |
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description: name of the bank that the account belongs to |
description: account number - linked to reporting obligations of the debt facility |
description: name of the account - used for easy reference |
description: type of account (ex: checking, savings, investment, etc.) |
description: date of the closing balance |
description: end of day bank account balance |
description: Currency of bank account |
3. Email the file to the secure Bank Statement Receiver:
bank-statements-cascade@cascadedebt.com
4. Inform your Cascade Debt account manager after the first file has been sent to ensure that it has been successfully received.