What is a MT940 message?
MT940 is a format used by the SWIFT network to send and receive end-of-day bank account statements. ‘MT940’ (MT = Message Type) is the SWIFT standard (Banking Communication Standard) for the electronic transmission of account statement data.
What is the file format of MT940?
MT940 statements are delivered as text files with STA extension. Format bases on MT940 SWIFT specification. Structured information within MT940 along with booking codes make it possible to automatically post transactions in ERP systems.
How does MT940 work in SAP?
SAP have the features of Electronic Bank Reconciliation Statement (EBRS) process where you can directly upload the Bank Statement in a format called MT940. In this process SAP will upload statement automatically & at the same time will do sub-ledger posting & clearing.
What is a SWIFT 101 message?
MT 101 SWIFT message is a payment request sent to the bank that will perform the payment transaction by the sender’s bank through SWIFT, and may include one or multiple payments orders to be made from the accounts at the bank that will perform the payment transaction.
What is Field 20 in a SWIFT message?
Field 20: Documentary Credit Number is a field in MT 700 swift message that is used to indicate the letter of credit number. This field specifies the documentary credit number which has been assigned by the Sender.
How do I download MT940?
How to download MT940
- Logon to ING Bank N.V.’s online banking module to see the following:
- Click on “Downloaden” and then “Af- en bijschrijvingen” to see the following:
- Select the period and MT940 format, click on “Download” and send us the file by e-mail.
What is automatic payment program in SAP FICO?
Automatic Payment Program (APP) serves the purpose of posting accounts payable like payment to a vendor based on vendor invoices automatically. APP is used to find out due/overdue invoices and to process a list of customer and vendor invoices to make payments in one go.