Introduction of the single euro payments area (SEPA) makes it likely that more and more account statement information will be made available in the new cash management (CAMT) formats that provide standardised formats for companies as well as further information, says Hanse Orga.
The software group has responded by developing its SAP-integrated product Account Statement Manager, so that companies can process the new CAMT formats effectively. Specifically, the file formats CAMT.053.001.02 national Germany, CAMT.053.001.03 international, BAI2 and MT940/MT942 are supported. For processing CAMT formats, it is possible to convert them into MT940 file formats.
In addition, the new software allows importing of account statements in the different formats into a Hanse Orga-specific meta structure. In this structure, account statement items can be enriched with further information. Subsequently, they can be split according to company-specific requirements, regrouped and routed by company codes or accounts. This will enable all parts of the company to receive relevant information reliably and in real time.
Among additional functionalities are a technical plausibility check of formats, logical validation of account statement information, as well as the filtering and logging of erroneous account statements as well as a display of all statements.
“The Account Statement Manager is an ideal tool that is fit for the future and that enables companies to easily process the new account statement formats,” said Sven Lindemann, chief executive (CEO) of Hanse Orga.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.