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Customers can automate the reporting of end-of-day/month bank balance data on the Cascade Debt platform via sending MT940 through the SWIFT network.
To set up bank account reporting automation through the SWIFT network, customers must request for this service to be enabled through their bank.
- Download this bank service request template.
- Fill in the necessary details and send this letter to the relevant bank relationship manager.
- Receive confirmation from the bank that the MT940 service has been successfully set up.
- Inform your Cascade Debt account manager so that Cascade can begin importing the statements.
Do note that the template highlights that "end of day FIN MT940 statements" should be sent to the stated BIC code.
Please also note that certain banks might ask for an RMA. Inform them that an RMA is not necessary and not required as this is just an MT940 statement.
If your bank relationship manager or business banker is not familiar with the MT940 request form, please instruct them them to escalate the request as this is typically handled by other teams.
Certain banks may have additional requirements to turn the service on and/or charge an additional fee for enabling this service. In most cases, this fee can be negotiated or waived by the bank.