MT940 is the international standard of electronic account statements developed by S.W.I.F.T. The MT940 file format is typically used for end of day bank statement reporting in organisations right across Europe. Each file contains an opening and closing balance and details of any and all transactions which take place in between. SWIFT MT940 files have been a very welcome development in the world of cash management and cash application.
Lockbox banking is a great cash flow management offering for businesses that receive a large quantity of payments from numerous customers. Lockbox services can effectively accelerate the collection and deposit of check payments sent via the postal service with accompanying remittances.
Cash allocation has always been an agonizing, labour-intensive task. Your accounts receivables or dedicated cash allocation team can spending endless hours on manually allocating cash. Manually processing payments received via cheques, credit cards, debit cards, BACS and other payment methods and matching them to the corresponding invoices is not only time-consuming but highly error prone. The end result can be largely inaccurate financial reporting.