BANK STATEMENTS RECONCILIATION USING SWIFT- MESSAGE TRANSFER940

A. Madhavi

Abstract


In the current scenario we are able to retrieve bank transactions details by visiting banks or by getting SMS alerts to our mobile phones or through internet. It is evident that various banks provide different kinds of bank statements. The entire banking and financial sectors do not follow the similar format of financial statements. Most of the bank statement formats are in pdf, excel sheet format etc. If a person possesses accounts in numerous banks, then he needs to log on to the particular bank’s website and retrieve the bank details. In order to access his various account details from single portal itself there must exist a interoperable facility among the banks. This paper introduces a parser that tends to sorts all the bank statements related issues in a standard format that can be accessed from a single portal.

 

Keywords: SWIFT-MT940, reconciliation, bank statements, log, transactions.


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