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 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 balances.
Reports all auto cash applications and manual matches.
Complies with country specific privacy laws through aliasing of bank sensitive bank account information.
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

Suggested Resources:

Why Cforia?: Cforia Product & Solutions Overview

Financial Shared Services: Cforia Global Order to Cash Management

MT940 File Processing
Read Datasheet