Canopy is able to take in data in any format (APIs, Data Feeds, PDFs etc.). This allows us to connect to every single Bank/Custodian/Fund Administrator in the world.
Where APIs are not available, we create our own APIs by automatically extracting tabular data from their existing PDF statements . No change in format is required, as Canopy's PDF->API technology is format and language agnostic and can can quickly configure to read any new format that comes in.
Essentially our philosophy is to use the most efficient method possible in connecting to a bank. Our process (in decreasing order of priority) is
- Existing API Connections: Get data from an existing API aggregator if one is available (e.g. Plaid). However this only helps in North America as Plaid is not able to get Investment Transactions anywhere else. Other API aggregators are able to provide Investment Data from banks in Germany, Nordics and parts of Switzerland (and we use them for banks in these locations)
- Build API connections: Institutional desks of most Private Banks are usually willing to provide these APIs. Please ask us for our list of data connections.
- Create APIs from PDF Statements: Our proprietary technology is able to create APIs from any PDF statement . In our estimate 86% of Investment Data in Europe and Asia is available as PDF only
In all cases, we will check the data for errors (e.g. opening balance + sums of credits and debits should match closing balances for all cash and securities) and also enrich (add account number, sub-account numbers and any other mapping required) before making it available via APIs
The idea is always to get our customers the cheapest, fastest solution that meets their requirements
Updated over 2 years ago