Product Updates February 2022: New features and improved functionality for our product

sam kawtharani product railz
February 17, 2022
Feb 2022 Product Updates

Our February product release comes packed with great new features and improvements. Below are a few highlights. As always, you can view our product release notes for more details.

Support for onboarding, underwriting, and monitoring solutions in Microsoft Dynamics 365 Business Central

Railz now supports onboarding, underwriting, and monitoring solutions in Microsoft Dynamics 365 Business Central. Customers will be able to retrieve the below through the Dashboard and API:

  • Accounting Transactions
  • AP Aging
  • AR Aging
  • Balance Sheets
  • Chart of Accounts
  • Cashflow Statements
  • Income Statements
  • Trial Balance

We plan to expand support to manage payables and receivables in our March release.

Update (PUT) customer, vendor, and inventory records

Updating customer, vendor, and inventory records are now available for QuickBooks Online, Xero, FreshBooks, and Oracle NetSuite, allowing customers to reconcile and update information from their applications back to these accounting service providers. 

Support for cash and accrual-based financial statements

The main difference between cash and accrual accounting is in the timing of when revenues and expenses are recognized by a business. Railz now supports pulling both accrual and cash-based financial statements. Customers will be able to choose the accounting method of choice when retrieving data through our API and Dashboard.

Apply accounting classifications to bank transactions 

Railz now supports applying accounting classifications to bank transactions retrieved through Plaid based on our universal and normalized chart of accounts. Customers can now access classifications similar to the level they would expect in the financial statements pulled from a business' accounting service provider through Bank Transactions in the API and Dashboard. This feature is currently in open beta.

Bank reconciliation and accounting accuracy score

Our latest product release supports reconciling bank and accounting transactions of a business to ensure the integrity and accuracy of its financial data. Customers will be able to access a mixture of banking accuracy scores and descriptive statistics concerning bank reconciliation through the API. This feature is currently in open beta. 

Financial fraud risk metrics

Detecting anomalous financial activity is a powerful way to discover insider threat activities. Railz now supports fraud risk metrics for a business based on its financial statements and ratios. Customers will be able to access a score and metrics that indicate potential fraud to help detect if their business customers have done any sort of manipulation with their earnings or financials through the API.

Trigger webhook events in Sandbox

Railz can now support webhooks in Sandbox using the /sandbox/fireWebhooks endpoint to trigger webhook events. Customers will be able to test webhook events in their development environment to test that their code correctly handles webhook events before making them available in production. 

Probability of Default API endpoint

Probability of Default (PD) has many uses in finance -from meeting regulatory requirements, to loan origination, to portfolio construction. Railz now supports calculating a business' PD by considering multiple definitions of default to provide customers with more confidence in their decisions knowing they are based on up-to-date and accurate data. Customers will be able to access multiple PD models for each definition and a Railz constructed aggregate PD through the API. 

sam kawtharani product railz
VP of Product

Sam is the VP of Product at Railz. Sam is an experienced product and FinTech leader who specializes in driving vision and roadmap for businesses from startup to IPO. He focuses on collaboration between customer and company, with cross-functional partners to launch cutting-edge business solutions, driving greater operational efficiencies, engagement, and revenues. Sam is passionate about combining the best of technology, data and product, and design to execute a successful product vision.