Single Euro Payments Area Explained
CAMT - Cash Management
CAMT (Cash Management) account statement messages will ensure SEPA becomes the
optimum banking format.
The new banking format - SEPA (Single Euro Payments Area) which is the vehicle for facilitating
credit transfers & direct debit transactions for countries in the SEPA zone via ISO 20022
xml-based formats will necessitate the availability of more detailed and structured information on
the return loop. CAMT messages are the perfect choice to achieve this goal.
One of the routes CAMT takes to achieve this is the use of the xml notation in the
bank-to-corporate communication; this contains more details and provides more structured
information for the ERP concerned. This in turn, enables seamless and automatic processing of
rich payment information throughout the entire financial value chain. The additional information
contained in CAMT messages has the potential to make automated accounting processes
significantly easier and particularly accurate in areas like bank reconciliation.
These CAMT messages are processed as ZIP container files and can be divided into three types
of bank-to-customer information: camt.052 for account reports, camt.053 for statements, and
camt.054 for debit/credit notifications.
Whilst the old MT940 and MT942 messages are very much still supported by Banks around the
world, it is likely that more Banks, particularly in the SEPA zone, will offer their clients account
information in the new CAMT format thereby contributing substantially to improvements in their
inhouse automation.
For assistance on how Cashbook can assist your organisation in the SEPA & CAMT process,
please contact:
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CAMT
We are very pleased with the product
(Cashbook Electronic Payments) as well
as the ongoing support and
responsiveness of Cashbook. My goal
was to systematize and streamline our
A/P payment process - that was definitely
achieved.
Melanie D. McElroy, Director of Finance, RC
Bigelow Tea, USA - Customer since 2004
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