SWIFT STATEMENT

The BORA SWIFT Statement module connects your bank accounts directly to the BORA Business Suite ERP system. Data is not keyed in by hand, and cash flows stay under control.

SWIFT STATEMENT

Bank statements are imported automatically in the international MT940 format, and bulk payment orders are created in the MT103 format. Work that used to take hours now takes one click.

What the module does

Statement import (MT940 format)

Bank documents are not retyped. Incoming and outgoing transactions are processed automatically:

  • the system recognises counterparties by IBAN and UIC or personal ID number and matches the payments to open receivables (unpaid customer invoices) or to payables to suppliers;
  • after a check, the transactions are posted automatically in BORA Business Suite, and the cash balance is always up to date.

Bulk payments (MT103 format)

Payments to suppliers and partners go faster:

  • the module takes the purchase invoices approved for payment in BORA BS and creates a bulk payment file in the MT103 format;
  • the file is imported into corporate online banking. The payment orders are filled in, and all that is left is to confirm and sign them.

What the finance department gains

  • Processing bank documents takes minutes a day instead of hours.
  • There are no mixed-up amounts, wrong accounts, wrong payment references or missed invoices from manual entry.
  • BORA SWIFT Statement is part of the system, so you do not need external intermediaries and platforms that charge fees for daily account information.
  • As soon as the bank file arrives, management sees the exact cash flows (Cash Flow) and liquidity.

Frequently asked questions about BORA SWIFT Statement

What exactly are the MT940 and MT103 formats?

Bank formats for financial messages on the SWIFT network. MT940 is a detailed electronic statement with all the movements on the account for the day. MT103 is the format for a credit transfer (payment order), which banks use to process single and bulk payments.

Does the module work with Bulgarian banks, and does it support payments in euro and other currencies?

Yes. The module works with banks whose online banking exports statements in MT940 and accepts bulk payments in MT103. It supports domestic and interbank transfers in euro, as well as international transfers in US dollars and other currencies.

What happens if the statement has a transaction the system cannot recognise automatically (a bank fee or interest, for example)?

For transactions with no matching document (bank commissions, service fees, interest, internal operations) you set rules in BORA SWIFT Statement. When the system sees the code of a bank fee, it posts it to the set expense account without the accountant having to step in.

Can the module serve a company with accounts in 5 different banks?

Yes. The module works with many banks and many companies. You load the MT940 files from all the banks’ online banking one after another, and the system sorts the transactions into the right bank journals by the IBAN of each account.