Reconciliation of incoming payments

The service envisions an incoming payment automated processing with the help of codes (identifiers) assigned by the Client to its counterparties/customers, agreements etc. The Bank recognizes these identifiers in payment documents in favor of the Client and provides them to the Client in a bank statement via the Bank-Client system. Then all necessary bookkeeping entries related to processing the credited amounts can be automatically effected in the Client’s ERP/accounting program.

This solution will enable to accurately reconcile the data contained in a payment document, match it with the object of identification (for the accounting purposes) and automatically process the incoming payments. Among the system’s key advantages are:

• Lower cost of the bookkeeping process
• Faster turnover of the receivables and inventories
• Possibility to assign the identifier to any object: counterparty/contract/invoice etc.
• Eligibility for payments both in rubles and foreign currencies.

Nordea Bank offers an international identification algorithm. However, the Bank is ready to consider implementing customized algorithms (as suggested by you).

For further information on cash management products and services, please contact your personal banking adviser or sending a request to ICMS@nordea.ru.