February 7, 2025
Automating Bank Reconciliation with MT940 Data
Transform your reconciliation process from hours to minutes with smart automation techniques using MT940 data.
85%
Time Saved
Average reduction in reconciliation time
99.9%
Accuracy
With automated matching algorithms
60%
Cost Reduction
In reconciliation process expenses
Data Collection
Automatically import MT940 statements and internal records
Matching Process
AI-powered algorithms match transactions automatically
Exception Handling
Smart flagging of discrepancies for review
Reconciliation Complete
Generate detailed reports and audit trails
Benefits of Automated Reconciliation
Time Efficiency
Reduce manual processing time by up to 85%
Error Reduction
Minimize human errors in data entry and matching
Cost Savings
Reduce operational costs and resource requirements
Better Compliance
Maintain detailed audit trails automatically
Implementation Best Practices
- Start with a pilot program using historical data
- Define clear matching rules and tolerance levels
- Implement proper exception handling procedures
- Train staff on the new automated system
- Regular system performance monitoring
- Maintain fallback manual processes
Measuring Success
Reconciliation completion time
Exception rate reduction
Staff productivity increase
Cost per reconciliation
Accuracy improvement
Audit compliance rate