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Simplifying Bank Statement Reconciliation: Automating MT940 Processing

Legacy State

10 mins for Bank Statement (~50 Accounts)

Automated State

~ 3 min  each statement

Challenge: Previously, our client had to manually retrieve MT940 statements from SFTP locations, decrypt the encrypted files, and upload them into Oracle Fusion for reconciliation. This manual effort required approximately 10 minutes per bank statement for each of our 50 accounts. The process was time-consuming, prone to errors, and hindered quick turnaround times for reconciliation requests.

Solution: To overcome these challenges, we implemented Automation Anywhere 360 in combination with Dot net to automate the bank statement reconciliation process. Our RPA bot was designed to perform the following steps:

  1. SFTP Connection: The bot utilized Dot net DLL to securely connect to the SFTP server, ensuring a seamless and controlled data retrieval process.
  2. Statement Download: Our bot automatically downloaded MT940 statements from various bank accounts, eliminating the need for manual retrieval and ensuring efficient data collection.
  3. Encryption Decryption: The bot decrypted the encrypted bank statements, enabling seamless processing and preparation for reconciliation.
  4. Oracle Fusion Upload: Our RPA bot uploaded the decrypted statements into Oracle Fusion, enabling automated reconciliation for all bank statement entries. This integration eliminated the need for manual data entry and reduced the risk of human errors.
  5. Transaction Log and Screenshots: The bot generated a transaction log and captured screenshots at relevant steps in the process, providing a comprehensive audit trail for future reference and compliance purposes.
  6. Notification and Business Exceptions: Our bot sent a notification to the relevant stakeholders, including the business team, containing the transaction log and any identified business exceptions. This facilitated prompt action and issue resolution.
  7. Daily Automation: The bot performed this automated task every day, ensuring the consistent and timely reconciliation of bank statements.

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