A Novel Bank Statements Reconciliation Using Message Transfer940 Parser

Today in the corporate Industries, most of the information exchange between clients and counterparties is done electronically. As the financial service industry is growing more and more mature, there is an increasing need to use technology to improve efficiency and maintain financial issues absolutely. Most of the industrial sectors are struggling to meet all the requirements of their current banking system and are struggling to find platform that allows them to communicate with all the banks they deal with. This made it imperative to develop a common standardized parser, which converts all the bank transactions into a single XML format. The parsed data would be stored in the MSSQL server for more security. Therefore this paper focus on how the reconciliation is achieved among all the bank.