SWIFT MT940 is a common bank statement file across Europe. S.W.I.F.T. (or SWIFT) stands for Society for Worldwide Interbank Financial Telecommunication. It was established by European bankers who needed a more efficient and secure system for inter-bank communications and transfer of funds and securities. SWIFT messages are preset and referred to by category numbers called MT numbers. Cashbook has an integrated SWIFT MT940 solution which allows companies to upload a bank statement and algorithms are applied so that cash receipts and manual payments are automatically applied to customer invoices. The module can automate anything from 60-98% of your daily cash transaction.
SWIFT MT940 Upload
The process begins with uploading an MT940 (or other bank format for that matter) bank statement into Cashbook.
Some bank files do not provide standard, mandatory reference data records, specifically record 86, in the MT940 file format. Bank contacts should be requested to improve the data supplied.
This module can be implemented in the Benelux region or anywhere across Europe. Our experience has been excellent (70-90%) in Sweden, Finland, Norway, Germany, Switzerland, Austria, and The Netherlands; France and Belgium (30-50%) and across the UK the auto-matching is limited (10-20%) due to the quality of the bank statement data. The good news is with SEPA changes our auto-matching with the SWIFT MT940 bank statement files has improved.