Guide · 10/6/2026

Consolidated Reporting Across Multiple Banks: Step by Step

Consolidated reporting across multiple banks, step by step: the inventory, what to ask each custodian, the spreadsheet stage and when a platform pays for itself.

By Pedro Souto

Four banks. Two holding companies, a trust, a personal account in a second country. Every statement is accurate, and none of them says what the family owns. Consolidated reporting across multiple banks is the work of turning those statements into one total, on one date, in one currency, that someone is prepared to sign. This guide is the method, step by step, for a family with three to five private banks and several entities. For the definition itself, see consolidated reporting.

We design and run the operating layer around private wealth. We sell no reporting software and take no referral fee from any vendor. PWA does not manage money, hold mandates, take commissions or give regulated investment, tax or legal advice.

How do you get one view of wealth held at several banks?

Inventory every account and entity, request the same statements from each custodian at one valuation date, convert everything to one currency and one valuation basis, add what banks never report (property, private companies, loans), then decide whether a reporting platform is worth its cost. The bank does the custody; someone must own the total.

In practice, five steps, each covered below:

Find the gaps. Know what no bank statement will ever show you.
Build the inventory. Owner, entity, account, custodian, country, on one page.
Request the same things from every bank. Same date, same formats, in writing.
Run the spreadsheet stage. Learn where your numbers break before paying anyone to automate them.
Decide who maintains it. A total that nobody owns is out of date by the next month-end.

What each bank statement leaves out

A custodian is the bank that holds a family’s securities and cash in safekeeping. Its custodian statement is a precise document about a narrow thing: the assets that one bank holds for one account. It is not wrong. It is partial by design. The table shows what a family typically owns and where each piece of data has to come from.

What a family owns	Shown on the bank statement?	Where the data has to come from
Positions at this bank	Yes	The statement of holdings
Positions at other banks	No (a few banks now offer it; see below)	Each other bank’s statement or feed
Property	No	Deeds, valuations, mortgage statements
Private company stakes	No	Company accounts, shareholder register
Loans to and from family members; lombard loans at other banks	No	Loan agreements, credit facility letters, pledge agreements
Private equity commitments and unfunded capital calls	Partly (the paid-in value, often at the last NAV)	Capital call notices, fund reports
Look-through into funds and holding entities	No	Fund factsheets, entity balance sheets
All-in costs, including retrocessions	Only in the annual MiFID II costs and charges report	That report, read alongside fee agreements
Tax position	No	Tax reports per jurisdiction, the tax advisor

What the bank report never shows:

other banks
property
private companies
loans
look-through

That last point matters more than it looks. A family can hold the same issuer through a direct line at one bank, a fund at another and a holding company at a third. Each statement shows a sensible position. Only the total shows the concentration.

Bank-run consolidated reporting across multiple banks: Santander, 2026

On 14 September 2026 Santander announced an independent position consolidation service for its High Net and Ultra High clients in Spain, from €2M of wealth. It is run by Beyond Wealth, a separate legal entity in the group, at no cost to those clients, and Santander states that its private bankers will not have access to the information. It is a real step: a bank offering to report positions it does not hold. The announcement describes positions held across financial institutions. It does not mention property, private companies or family loans, and it is available to the bank’s own clients. A bank-run view is one more input, not the owner of the total.

What happens when nobody owns that total is the subject of a case file on wealth spread across multiple banks: a founder, four banks, eleven entities and cash sitting idle because no one could see it.

The inventory: accounts, entities, owners

Start with the entity map, not the bank statements. With multiple custodians, the statements tell you what each bank holds; the map tells you who owns it. Every line runs the same way: owner → entity (holding company, trust, foundation, or the person directly) → account → custodian → country.

Owner	Entity	Account	Custodian	Country	Statement contact	Data format available
Founder	Holding company	Discretionary portfolio	Bank A	Switzerland	Private banker; operations desk	PDF, CSV; MT535 to a provider (ask)
Founder and spouse	Direct	Current account	Bank B	Portugal	Online banking	PDF, CSV

The last two columns decide how much of this can ever be automated. Fill them in from the answers to the next step.

When we build an inventory for a family, it usually turns up something: an account opened for a transaction and never closed, an entity whose bank still has the old signatories, a loan from the holding company to a family member that appears in no statement at all. Finding those is half the value of the exercise.

One valuation date, one currency, one basis

Three decisions, written down before the first number is entered:

Valuation date. Month-end or year-end. Every bank’s statement must be as at that date, not the date it happened to be printed.
Reporting currency and FX source. One currency, one rate source, one rate date. Two banks converting the same dollar position at different rates will disagree, and both will be right.
Valuation basis. Market price for listed securities, with the price date. Last reported NAV for funds and private equity, with the NAV date. Cost or a stated valuation for property and private companies, with who made it and when.

Write the three choices at the top of the report. A total without its date and basis is a number nobody can check.

What to request from each bank

Send the same list to every bank, in writing, and record each answer in the inventory. This is the checklist. Nothing is gated; copy it.

Request	Why	Format to ask for	Frequency
1. Statement of holdings at the valuation date	ISIN, quantity, price, price date, currency, accrued interest	PDF plus CSV or XLS	Monthly
2. Transaction statement for the period	Separates flows from performance	CSV or XLS	Monthly
3. Cash account statements	Idle cash, fees, interest, transfers between entities	CSV, or MT940 / camt.053 where offered	Monthly or daily
4. Securities holdings feed to the family’s aggregator or advisor	Removes re-keying	MT535 (semt.002), CSV over SFTP, or API, where the bank offers it	Daily
5. Third-party data authorisation (letter of authority), signed per account	No feed or copy statement goes to a third party without it	The bank’s own form	Once; renew at each KYC refresh
6. Credit facilities, pledges and guarantees	Lombard loans and pledged assets change the net figure	Letter or statement	Quarterly
7. Annual ex-post costs and charges report (MiFID II)	The closest thing to an all-in cost per bank	PDF	Yearly
8. Annual tax report per jurisdiction	Reconciles the total with what is declared	PDF	Yearly

Item 7 has a legal basis. Under Article 50(9) of Commission Delegated Regulation (EU) 2017/565, investment firms in the EU must provide annual ex-post information about all costs and charges where they have an ongoing relationship with the client, and Article 50(2) requires third-party payments received by the firm to be itemised separately. That is where retrocessions show up: payments a fund house makes to the bank that distributed its fund, which the family funds through the product’s costs. If a bank cannot produce it, that is an answer too.

Data feeds: Swift MT535, MT940 and what replaces them

Two message types do most of the work behind the scenes, and both have names worth knowing when you talk to a bank’s operations desk.

MT535 statement of holdings. In the Swift standards, the MT535 is sent by an account servicer to an account owner or its designated agent, and reports, at a specified moment, the quantity and identification of the securities it holds for that account. Its ISO 20022 counterpart is semt.002, the custody statement of holdings. In plain terms: a machine-readable version of item 1 on the checklist.

MT940 statement. The MT940 is the Swift customer statement message for a cash account: every transaction booked to the account. The standard allows a bank to send it to a financial institution the account owner has authorised, or to a party authorised by the account owner to receive the information. That is how a reporting provider, rather than the family itself, usually receives it. Cash statements are moving to ISO 20022: MT940 and MT950 map to camt.053. On Swift’s timetable, institutions must be able to receive camt statements from November 2027, and MT 9xx reporting is decommissioned in November 2028. A feed set up today in MT940 will need to be migrated.

Two things that sound like solutions and are not, yet:

Open banking under PSD2. The directive’s account information service covers “payment accounts”, defined as accounts used for the execution of payment transactions. A custody account holding a bond portfolio is not reached by it.
FiDA. The EU Financial Data Access regulation, proposed by the European Commission in June 2023, would extend data access to savings and investments in financial instruments. It is a proposal. As of the European Parliament’s tracker update on 20 September 2026, the file is marked blocked, with no political agreement.

For a self-service example of what a good export looks like, Interactive Brokers lets account holders define Flex Queries in XML, CSV or delimited text, and retrieve them over HTTPS through its Flex Web Service with a token, without logging in. Few private banks offer anything as direct; ask anyway.

The rule: ask each bank in writing which of these it offers, for which account types, at what cost, and to whom it will send them. Record the answer in the inventory table.

The spreadsheet stage and its limits

Before any platform, build the total by hand once. It shows you where the data breaks, which is what you will need to tell a vendor later.

A working master sheet has one row per position and these columns: entity, custodian, ISIN or asset description, quantity, price, price date, currency, value in reporting currency, asset class, liquidity, and the source document. The last column is the one that makes it auditable. Simple seven-column methods for retail portfolios circulate online; a family with entities needs the entity and custodian columns from the start.

How to see all investments in one place, and where the sheet breaks

The sheet works for a few banks and a handful of entities. Each limit below comes with a test you can run this month:

Manual re-keying and errors. Test: pick ten positions at random and trace each to its source document. One mismatch means the total is a guess.
No audit trail of versions. Test: reproduce last quarter’s total exactly, from the file as it stands today.
Performance done badly. Time-weighted return measures the investment decisions, stripping out the family’s own deposits and withdrawals; IRR measures the money-weighted result and is the right measure for private equity. Test: does the sheet separate contributions from returns at all?
Look-through by hand. Test: what is the family’s total exposure to its largest single issuer, across direct lines, funds and entities? If answering takes more than an hour, the sheet cannot do it.
Key-person risk. Test: if the person who built the sheet is away for a month, does month-end still close?
Month-end becomes month-long. Test: count the working days between month-end and a total you would sign. More than ten is a process problem.

When a reporting platform pays for itself

A platform is worth paying for when the spreadsheet tests above start failing every month, not before. The triggers, as criteria:

Number of custodians and entities. The more lines in the inventory, the more re-keying a feed removes.
Share of private assets. If private equity, property and private companies are a large part of the total, the platform must handle capital calls, NAV lags and manual valuations, not only bank feeds.
Hours per month. Count them for three months. That is the real cost of the spreadsheet.
Need for look-through and performance. Proper time-weighted return, IRR and issuer exposure across entities are where software earns its fee.
Whether your banks can feed it. Send the vendor your inventory and ask which of your banks and account types it receives data from today, in which format, and on what authorisation.
Hosting and GDPR. Where the data sits, who at the vendor can see it, and what happens to it when you leave.
Who maintains the data. A platform does not reconcile itself. Someone must check breaks, chase missing statements and enter what no bank reports.

On feed counts, read the claim and then check your own list. Landytech states that it has “over 500+ custodian feeds”. Addepar’s published data-network list (Spring 2021) included Swiss private banks such as Pictet, Lombard Odier, Julius Baer and UBS, and flagged several as feeds with a relatively small number of accounts that may need additional development. A bank on a list is not the same as a working feed for your account type.

On cost, vendors rarely publish prices. Landytech says its pricing for family offices “is dependent on several factors including the number of managed feeds, legal entities, portfolios, assets and users”, and asks for contact. Masttro states “fixed pricing, not based on AUM”, without a figure. Ask for a written quote against your inventory, including set-up, each feed, and the annual fee.

How to compare the vendors on those criteria, with what each one states about hosting, pricing and custodian coverage, is in Family office software for European families: how to choose.

For what the finished output should contain, whichever tool produces it, see consolidated reporting.

Who maintains it every month

The method fails at the same point in most families: month three, when the person who built the total has other work.

Family office consolidated reporting without a family office

A family does not need a single-family office to have family office consolidated reporting. It needs one named owner. The options:

Who maintains it	What they see	Independence from products	Typical failure mode
A family member	Everything they are given	Full	Stops when life gets busy; key-person risk
The accountant	Entity books, yearly	High	Annual, at book value, no market view or look-through
A private bank’s consolidation service	Financial positions across banks	Depends on how it is separated from the bank	Property, private companies and loans left out
A multi-family office	Everything, if mandated	Varies; check whether it also sells investment products	Reporting tied to its own investment offer
An outsourced back office	Everything, by design	High, if paid only by the family	Scope creep without a written calendar

The monthly calendar

Working days 1–5: statements and feeds in from every custodian; chase what is missing.
Working days 5–10: reconcile against last month; question every anomaly (a position that moved without a transaction, cash that arrived without a source).
Working day 10: the report goes out, with its valuation date, currency and basis on page one.
Quarterly: add private assets and property; review the total against the investment policy statement, the asset allocation the family agreed with its investment and wealth management set-up.
Yearly: reconcile against tax reports and costs and charges reports.

This is the core of family office administration: one owner, one calendar, one total, paid by the family, and only by the family.

If you hold accounts at several banks and cannot state your total with confidence, a written second opinion shows what is missing and what it would take to close the gap.

Several banks, several entities, and one total that nobody signs.

A Written Second Opinion reviews how your wealth is organised today: what is fine, what is fragile and what to change first. €1,500, written, five working days, no meeting required.

Request a written second opinion Prefer a call first?

Questions we hear

Why doesn’t my private bank give me a consolidated report?

Each bank reports what it holds in custody: that is the data it controls and answers for. Some banks now consolidate positions held elsewhere; Santander launched such a service in Spain in September 2026 for clients from €2M. Its announcement describes positions at financial institutions, so property, private companies and family loans still need another source.

Can my accountant produce consolidated reporting?

Usually not as a default service. Accountants close the books of each legal entity, usually once a year, at the values accounting rules require. Consolidated reporting is monthly, across entities and custodians, at market value, with look-through into funds and holdings. An accountant can do it if the scope, the data and the fee are agreed in writing.

How often should a family consolidate?

Monthly for cash and listed positions, which move fastest and where idle cash and concentration show up first. Quarterly for the full picture, including private equity, property and private companies, whose values change slowly. Once a year, reconcile the total against each bank’s tax report and annual costs and charges report.

Can I see all my investments in one place without software?

Yes, up to a point. A disciplined spreadsheet with one row per position, one valuation date, one reporting currency and a source document for every number works for a few banks and a handful of entities. It breaks when re-keying takes days, performance must be calculated properly, or one person is the only one who understands it.

What is an MT535 or MT940 feed, and can my bank send one?

MT535 is the Swift statement of holdings: the securities a custodian holds for an account at a given moment. MT940 is the Swift customer statement for a cash account. Banks send them to financial institutions or to parties the account owner authorises, such as a reporting provider. Ask each bank in writing whether it offers them.

Sources

All pages opened and checked on 6 October 2026.

Banco Santander, “Santander lanza un servicio independiente de consolidación de posiciones para grandes patrimonios”, press release, 14 September 2026. Supports: consolidation of positions held at other financial institutions, via Beyond Wealth (a separate legal entity), for High Net and Ultra High clients from €2M, at no cost to them; private bankers have no access to the information. santander.com
El Español / Invertia, report on Santander’s position consolidation service, 14 September 2026. Supports: the €2M threshold and the service run by Beyond Wealth. elespanol.com
J.P. Morgan, “ISO 20022 Migration: Guidance, Messaging & More”, updated February 2026. Supports: MT940/MT950 map to camt.053; obligation to receive camt statements from November 2027; MT 9xx reporting decommissioned in November 2028 (Swift’s timetable, restated by the bank). jpmorgan.com
iotafinance, “SWIFT ISO 15022 Standard: MT535 Statement of Holdings” (reproducing the Swift standard’s scope text), undated. Supports: MT535 is sent by an account servicer to an account owner or its designated agent and reports the quantity and identification of holdings at a specified moment. iotafinance.com
iotafinance, “SWIFT ISO 15022 Standard: MT940 Customer Statement Message” (reproducing the Swift standard’s scope text), undated. Supports: MT940 may be sent to a financial institution authorised by the account owner, or to a non-financial institution account owner or party authorised by the account owner. iotafinance.com
European Central Bank, T2S Change Request T2S-0537-SYS, “The complete Statement of Holdings report (semt.002)…”, raised 15 July 2015. Supports: semt.002 is the ISO 20022 Statement of Holdings, used in market practice alongside MT535. ecb.europa.eu
Directive (EU) 2015/2366 (PSD2), Article 4(12) and 4(16), text as published by legislation.gov.uk. Supports: definitions of “payment account” and “account information service”. legislation.gov.uk
European Parliament, Legislative Train Schedule, “Open finance framework” (Financial Data Access, 2023/0205(COD)), last updated 20 September 2026. Supports: FiDA status “blocked”, trilogues held in 2025, no political agreement. europarl.europa.eu
Norton Rose Fulbright, “From open banking to open finance: FiDA”, April 2025. Supports: Commission proposal published in June 2023; scope includes savings and investments in financial instruments. nortonrosefulbright.com
Commission Delegated Regulation (EU) 2017/565, Articles 50(2) and 50(9), consolidated text as published by HM Government of Gibraltar. Supports: third-party payments itemised separately; annual ex-post information on all costs and charges. gibraltarlaws.gov.gi
Interactive Brokers, “Activity Flex Query” and “Flex Web Service”, undated. Supports: XML, CSV and delimited-text formats; token-based HTTPS access to saved queries without logging in. ibkrguides.com · ibkrguides.com
Landytech, “Best Family Office Software in 2026 Guide”, undated. Supports: the vendor’s claim of “over 500+ custodian feeds” and its statement that pricing depends on feeds, legal entities, portfolios, assets and users. landytech.com
Addepar, “Addepar Data Network”, Spring 2021. Supports: Swiss private banks on the vendor’s feed list and its footnote on feeds with a small number of accounts. addepar.com
Masttro, family office software page, undated. Supports: the vendor’s statement “fixed pricing, not based on AUM”. masttro.com

Pedro Souto is the founder of PWA — Private Wealth Advisory. He works with UHNW founders, families, and single-family offices to build an independent operating layer around complex wealth — combining markets, analytics, technology, and governance to turn fragmented advice into one coherent picture, and to make someone, finally, responsible for the whole of it.