A SWIFT MT940 file 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 software 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 MT940 software module can automate anything from 60-98% of your daily cash transaction.
SWIFT MT940 File Upload
The process begins with uploading an MT940 bank statement into the Cashbook MT940 software module.
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 MT940 software module can be implemented in the Benelux region or anywhere across Europe. Our experience has been excellent (70-90% automation) in Sweden, Finland, Norway, Germany, Switzerland, Austria, and The Netherlands; France and Belgium (30-50% automation). Across the U.K., the auto-matching results are more limited (10-20% automation) due to the quality of the bank statement data. The good news is with SEPA changes our auto-matching with the SWIFT MT940 files has improved.