Practical guide to bank reporting connectivity

To help those looking to improve their cash flow visibility, we have created this guide which outlines what bank reporting connectivity is, how it works, and how it can benefit treasury and finance teams.

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Key insights

What is bank reporting connectivity?

Bank reporting connectivity offers a way to improve cash flow visibility. Instead of the painstaking task of accessing and preparing bank account data manually, all key information is pulled automatically into the company’s systems, reworked and reformatted to offer headline KPI numbers.

What are electronic bank statements?

Electronic bank statements are coded files that can be easily read by other systems. While they come in a variety of different file formats, this guide explores two of the most common in detail, the MT940 and the BAI2.

Methods of bank file communication

There are a number of different ways that bank account data can be transmitted electronically from a bank to a company and, correspondingly, from a company to a bank. This guide reviews some of the more common options that are available.