Fix Low MT940 Auto Matching

Europe is ahead of the United States in acceptance of electronic banking. One of the key
drivers of this acceptance is the S.W.I.F.T. (Society for Worldwide Interbank Financial
Communications) co-operative that was established to standardize the exchange of
messages between financial institutions via its own telecommunications network.

The downside of the SWIFT MT940 standard is that the information conveyed can vary
from country to country and bank to bank. The format specifies a very limited number of
character fields to convey transaction details, which will limit your ERP system’s ability
to automatically post payments against their matching invoices. The combination of
regional differences and lack of remittance details can result in auto match rates that are
often as low as the 20 to 30% range.

Adding to the frustration is that these same international companies quite often achieve 75
plus percent cash application automation while processing against BAI2 files based on
lockbox paper checks and remittance advice.

Increase Your Auto Match Rate:

  • Supports any global bank and currency.
  • Supports SAP, Oracle, Baan, Lawson, Microsoft Dynamics, QAD, JD Edwards, PeopleSoft,
    BPCS, MAPICS and many more ERP Systems.
  • Algorithms support customer numbers, invoices, sales orders, customer bank accounts, pick
    list, packing numbers, customer purchase orders, shipment numbers and sales orders.
  • Upload and store multiple bank accounts, bank statement numbers, opening and closing bank
  • Reports all auto cash applications and manual matches.
  • Complies with country specific privacy laws through aliasing of bank sensitive bank account
  • Handles partial payments, credit/debit notes, unallocated payments, multiple discount terms,
    foreign exchange gain or losses, write-offs, bank charges, suspense account postings.
  • Integrated with Excel, EDI, PDF, Customer Lockboxes and Bank Reconciliation for usage with
    high and low volume customers.
  • Supports multiple customer sites and structures.

Key Features:

  • Supports Any Global Bank
  • Multi-currency, Multi-site
  • Complex Matching Algorithms
  • Reduce Manual Reconciliation
  • SAP, Oracle, PeopleSoft, QAD
  • JD Edwards and other ERPs
  • Real-Time Data Integration

SWIFT MT940 Electronic Bank Statement Processing

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Director Financial Systems
Exide Corporation