Automated bank statement processing system

To help our client cut down on manual reconciliation and boost financial accuracy, Innowise developed an automated bank statement processing system powered by Odoo ERP.*

80%

fewer manual entry errors

20+

hours saved weekly thanks to automation

Industry Retail

Employees 250–500

Region Germany

Services Odoo customization, API integrations, DevOps, ongoing support

Client since 2024

Client overview

Summarize article with AI

The client is a fast-growing German retailer offering contemporary home goods, decor, and lifestyle products. With stores in major cities and a booming e-commerce platform, they stand out for their carefully curated, design-forward selection for modern living.

As volumes climbed, manual reconciliation across multiple banks began to slow reporting and stretch the finance team. The leadership goal was faster, audit-ready cash visibility and a shorter month-end close inside Odoo. The company didn’t have internal Odoo module expertise for secure bank integrations, so they partnered with Innowise to deliver a scalable automation layer.

Detailed information about the client cannot be disclosed under the provisions of the NDA.

Challenge

The client's rapid growth put serious pressure on the finance team. With transactions pouring in from retail POS systems, online payments, and direct bank transfers, manual reconciliation became a major bottleneck, eating up nearly half the team’s weekly capacity. Month-end closings were consistently delayed, which made it tough to get timely financial reports or track cash flow. Errors became common, so the numbers weren’t reliable anymore, and confidence in business decisions took a hit.

The existing Odoo ERP handled daily operations well, but fell short when it came to automating bank statement imports and reconciliation. The finance team logged into various bank portals, manually downloaded statements in diverse formats (CSV, XLS, PDF, CAMT), and keyed transaction lines into Odoo. Without built-in integration or data-parsing capabilities, errors were frequent, reconciliation lagged, and internal audit compliance was strained. On top of that, the client lacked in-house experts to build and maintain custom Odoo modules or secure bank connections.

Smash workflow bottlenecks with Odoo

Solution we delivered

Discovery & planning

Our team kicked off with a discovery phase. Working closely with the client’s finance and IT teams, we dug into how bank statements were processed across different channels and systems. Also, our experts audited the reconciliation flow in Odoo, documented all the file formats in use, and mapped out how data moved from statement to ledger.

What we found confirmed their concerns: inconsistent file formats and mismatched reconciliation rules were creating major slowdowns. Each bank used its own format, and the logic for matching transactions varied between channels.

We put everything on paper, worked with the finance team to define clear, unified reconciliation rules, and synced with IT on security requirements. All tasks were added to a shared backlog, with priorities revisited weekly during sprint planning and demo sessions.

Solution design

We proposed a modular extension to the client’s existing Odoo 18 Enterprise setup. Not a full rebuild or migration, but a focused automation layer that integrates directly with their current financial workflows. The solution was designed to run in production quickly while remaining scalable and easy to maintain.

Our technical decisions were based on three principles:

Scalability. The system needed to handle daily transaction volumes ranging from a few thousand to over 100,000 without performance drops
Modularity. We built the bank integration layer to be loosely coupled, so new banks could be added without touching core logic
Operational speed & transparency. Batch processing with clean logging and reconciliation rules that finance could trace and adjust

We chose a containerized architecture using Docker for horizontal scaling and used the native Odoo ORM for safe, efficient batch writes. All integrations rely on secure REST APIs or upload interfaces within Odoo, and everything runs in the client’s private cloud, minimizing infrastructure changes and preserving control.

Key functionality delivered

Dual-intake system. For institutions with API support, our team built secure API integrations that automatically fetch new bank statements on a daily schedule. For banks without API capabilities, we created a clean, drag-and-drop interface right in Odoo, letting the team upload statement files manually.
Universal format parser. The system automatically parses a wide array of formats, including CAMT, OFX, QIF, CSV, XML, and XLS/XLSX, and transforms all that data into a unified, ready-to-process structure.
Centralized management dashboard. All statements, whether fetched via API or uploaded manually, land in a single, intuitive Odoo dashboard. The finance team gets a unified view of every transaction, complete with status indicators (pending, processed, reconciled, error), timestamps, and source details for instant clarity and faster issue resolution.

Intelligent reconciliation engine. Once data enters Odoo, the system’s reconciliation engine automatically matches statement lines to corresponding invoices, payments, and other financial records using configurable rules like invoice numbers, customer names, or transaction numbers. This automation delivers high-accuracy postings and slashes the need for manual intervention.
Failure modes & alerts. We built a bulletproof error framework: API failures auto-retry with exponential backoff, then funnel into a dead-letter queue watched by scheduled health checks. Parser hiccups or unmatched transactions trigger chatter posts, email alerts, and entries in a dedicated error dashboard. All logs stream through Odoo’s logging framework and into Grafana via Prometheus for real-time visibility and instant troubleshooting.
High‑throughput batch processing. Transactions are grouped into batches of 1,000 and committed in bulk via the Odoo ORM, cutting database overhead. In stress tests with 100,000 daily transactions, import plus reconciliation finished in under 15 minutes. For regular loads (5,000–20,000 lines per day), everything clears in 3–5 minutes. And when demand spikes, we spin up extra Docker worker containers to process batches in parallel.
Modular integration layer. The system’s modular API integration layer makes it easy to add new bank connections as the client expands financial partnerships. This approach keeps the solution flexible and guarantees it remains a long-term asset that scales alongside their operations.

Delivery approach

Our specialists ran development in two-week sprints, closely coordinating with the client’s teams. Each sprint started with a clear plan and ended with a review session, where the client could test new features and give immediate feedback.

Most implementation decisions and day-to-day technical work were handled autonomously by our team, but we looped in the client for key business rules, compliance requirements, and any major changes. Our team worked on a Time & Materials basis with a not-to-exceed cap, which kept the budget predictable despite changes in bank formats or rules.

We kept everything organized through a shared backlog and regular standups. Risks, like banking API changes, inconsistent file formats, or reconciliation logic updates, were flagged early and resolved within the sprint. To support fast, low-risk releases, we set up CI/CD pipelines for deploying directly to the client’s private cloud.

Improved security & access control

Security is baked into every layer. All API connections use OAuth 2.0 with rotating, scope-limited tokens, while TLS protects data in transit and AES-256 locks it down at rest.

Inside Odoo, we implement granular role-based permissions so only authorized finance users can view, upload, or approve bank statements. Every upload, edit, and approval is time-stamped in the audit log, and two-factor authentication guards all critical actions for an extra line of defence.

Our goal was to make reconciliation painless for the finance team and bulletproof for auditors. We built a solution that processes high volumes, keeps data secure, and puts real-time numbers at their fingertips. Now, the client can focus on growth without worrying about manual errors or month-end delays.

Kiryl Drabysheuski Lead of ERP Consultants

Technologies used

Odoo

Python

JavaScript

PostgreSQL

Docker

Prometheus

Grafana

Git

GitHub

Team

Project Manager

Business Analyst

QA Engineer

Odoo Developers

Result

Project duration

September – December 2024

Our team has delivered the full solution in under 12 weeks. Within the first month of production use, the finance team has cut reconciliation time by 50%, which gives them more than 20 extra hours each week for strategic analysis and planning. The monthly close now finishes more quickly and without manual backlog or reporting delays.

Accuracy has soared. Automated posting has reduced manual entry errors by 80%, and over 95% of statement lines now move straight from import to ledger without human input. The system processes 5,000–20,000 transactions daily in 3–5 minutes, and stress tests of 100,000 lines in under 15 minutes.

Daily cash visibility has improved executive decision-making, and internal feedback from the finance team has been consistently positive. The client extended the engagement for additional ERP automation work, and the system continues to run in production with ongoing support from Innowise.

Smash workflow bottlenecks with Odoo

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