MT940 is a standard structured SWIFT Customer Statement message. In short, it is an electronic bank account statement which has been developed by SWIFT. It is an end of day statement file which details all entries booked to an account.

Benefits of the Electronic Reconcile Module

The electronic reconcile module allows you to track transactions and balances for all of your bank accounts. Reconciliations prevent mistakes and ensure you always know your banking position.

• Pull transactions directly into your system from the bank, and automate data entry
• Make sure your transactions in both your Bank and ERP systems are accurate
• Ensure you are tracking fees and interest transactions
• Monitoring transactions can help prevent fraudulent activity and ensure that all transactions are genuine