BankRec statements

BankRec statements

BankRec utilises available transaction information to enrich bank statements. BankRec clients have access to:

  • Enhanced and enriched information which enables customers to reconcile more accurately
  • Expanded bulk settlements to instead show transaction detail
  • Time and cost savings through reduction of exceptions handling
  • Global standards enable easy consolidation and analysis of global accounts

The file formats produced by BankRec are considered standard bank statement formats. Deviation from these formats with modifications to business rules, alternate enrichment or manipulation to transaction codes will be treated as a change request and additional fees may apply. Files of the same type, including those received from other institutions, may have minor differences.

BankRec's enriched bank statements conform to global standards, with enriched/debulked statements available via

  1. iLink,
  2. available in QuickStream Portal as a downloadable report,
  3. or transmitted via the SWIFT Network.

Statement formats

BankRec produces statements in a number of standard formats. Select from the formats below.

Choosing a statement file format will be dictated primarily by your backend processing requirements. There is no "correct" statement format, but selecting various statements will have implications on implementation complexity and statement enrichment support.

CAMT.053.001.02

An ISO 20022 (CGI Version 2) global standard for Australian accounts.

BRS

Note: BRS formatted files do not offer enrichment support

Corporate Online CSV

Note: Corporate Online CSV formatted files do not offer enrichment support

Corporate Online CSV for Segment Accounts

Note: Corporate Online CSV for Segment Accounts formatted files do not offer enrichment support

Statement enrichment

Reconciliation can often be time consuming and error prone. Specific challenges include:

  • Bulk settlements (e.g. Merchant Settlements)
  • Numerous payment channels, resulting in different information
  • Missing information on some settlement lines
  • Human error when applying manual allocations

BankRec solves these challenges by manipulating bank statements to include transaction level information in the produced statement, enabling your ERP's processing engine to ingest and reconcile the transactions directly and without manual intervention.

This information is available for QuickStream/PaymentsPlus initiated transactions and some non-QuickStream/PaymentsPlus initiated transactions (for example, BPAY/Off-system BSB).

Please query specific statement lines you would like manipulated during your implementation as BankRec's capacity to do so depends on your configuration, and the availability of the necessary data.

Enrichment terminology

BankRec's statement enhancements can be categorised as Debulking and Enrichment:

Debulking

Debulking involves identifying relevant bulk settlements (e.g. Merchant Settlements) and enhancing the statement with transaction information. Depending on your selected statement format, debulking might involve replacing the bulk line with individual lines to represent each transaction. Each Statement File Format describes which references will be included for debulked transactions.

Enrichment

Enrichment is similar to Debulking, but is performed on already-itemised settlement lines. For example, an RTGS or OTT Payables Payment could be manipulated to include the payer reference you included with the original payment.

Channels supporting enrichment

BankRec can perform statement enhancements on a wide range of payments types/channels. The following list captures those channels, and describes the information BankRec can access from each of those channels.

BankRec's capacity to include enhanced information is highly dependent on which statement format you receive. For example, camt.053 and Extended CSV formats have extensive enrichment support. Other formats, for example COL CSV, do not support the inclusion of enriched information. For specifics about the inclusion of enriched information please review the specification for your statement format.

Amex

Amex settlements occur separately to Westpac Visa and Mastercard Merchant settlements.

Can I use Amex enrichment?

For Amex enrichment to be compatible with your processing you must ensure that:

  • Settlement is not delayed by more than two business days
  • The Amex facility is not shared across multiple merchants
  • The Amex transactions must be processed using QuickStream

Example narrative without enrichment

DEPOSIT AMEX GR    19.00        9999999999

What additional information can BankRec provide?

Amex settlements are bulk deposits. BankRec can:

  • Provide transaction level amount and reference information
  • Separate the bulk or transaction level information into principal and surcharge items
  • Separate the bulk or transaction level information by the payment source (e.g. Phone, REST API)

BPAY

Can I use BPAY enrichment?

Most BPAY settlements are candidates for enrichment. In some isolated cases the relationship between billers and sub-billers can affect the ability to perform enrichment.

Note: BPAY and Locked Box settlements will be combined.

Example narrative without enrichment

DEPOSIT 0000000

What additional information can BankRec provide?

BPAY settlements are bulk deposits. BankRec can:

  • Provide transaction level amount and reference information

Direct Entry

Direct entry enrichment is suitable for both Payables and Receivables payment flows. BankRec supports a number of Direct Entry facility types, namely:

  • Credits only
  • Balanced credits
  • Debits only
  • Balanced debits

Can I use Direct Entry enrichment?

For Direct Entry enrichment to be compatible with your processing you must ensure that:

  • Your facility type is one of those listed above
  • The Direct Entry transactions must be processed using QuickStream
  • The Direct Entry facility is not shared across multiple configurations

Example narrative without enrichment

Credits only

DIRECT ENTRY DRAWING DE DRAW ID111111 NAME OF FACILITY-DE CREDI

Balanced credits

Settlement:

PAYMENT BY AUTHORITY TO PaymentsPlus P00000000000000000

Contra:

DEPOSIT DE DRAW ID111111 DIRECT ENTRY NAME

Debits only

DEPOSIT DE DRAW ID111111 DIRECT ENTRY NAME

Balanced debits

Settlement:

DEPOSIT DIRECT ENTRY NAME       REFERENCE1

Contra:

DIRECT ENTRY DRAWING DE DRAW ID111111 DIRECT ENTRY USER NAME

What additional information can BankRec provide?

Direct Entry settlements are bulk deposits. BankRec can:

  • Provide transaction level amount and reference information
  • Provide transaction level amount and reference information for contra (reject) settlements
  • Enrich non-DERPS return settlement lines (Direct entry returns)

International EFT (OTT/RTGS)

Inward and Outward International EFT's can be performed using OTT's or RTGS payment rails.

Can I use International EFT enrichment?

For International EFT enrichment to be compatible with your processing you must ensure that:

  • OTT or RTGS rails were used for the payment

Note: While not required, payments initiated using PaymentsPlus allow references provided during PaymentPlus processing to be included in the enriched statement.

Example narrative without enrichment

OTT (Outward):

OVERSEAS TELEGRAPHIC TRANSFER REFERENCE 1111111 WBC PAYMENTREFERENCEONE            0000000

OTT (Inward):

PROCEEDS OVERSEAS TELEGRAPHIC TRANSFER 111111 PAYER NAME AND LOC

RTGS (Outward):

RTGS HIGH VALUE PAYMENT REF NO 1111111 REFERENCE123

RTGS (Inward):

RTGS HIGH VALUE PAYMENT REF NO 1111111 NAME OF REMITTER

What additional information can BankRec provide?

Inward and Outward International EFT settlements are already itemised. BankRec can:

  • Provide additional transaction reference information
  • Provide Creditor/Debtor information

Inward EFT

Inward EFT's can be received via a number of channels including Pay Anyone, Westpac Bulk File Processor (BFP), and Westpac Live.

Can I use Inward EFT enrichment?

For Inward EFT enrichment to be compatible with your processing you must ensure that:

  • Pay Anyone, BFP or Westpac Live were used by the Remitter to initiate the payment

Example narrative without enrichment

Pay Anyone:

DEPOSIT REMITTER NAME           REMITTER REFERENCE

BFP:

DEPOSIT 1111111 REF NO REFERENCE12

Westpac Live:

DEPOSIT ONLINE 1111111 PYMT REM NAME REMREF12

What additional information can BankRec provide?

Direct Entry settlements are bulk deposits. BankRec can:

  • Provide transaction level amount and reference information
  • Provide Creditor/Debtor information

Locked Box

Can I use Locked Box enrichment?

Most Locked Box settlements are candidates for enrichment. In some isolated cases the relationship between billers and sub-billers can affect the ability to perform enrichment.

Note: Locked Box and BPAY settlements will be combined.

Example narrative without enrichment

DEPOSIT 0000000

What additional information can BankRec provide?

Locked Box settlements are bulk deposits. BankRec can:

  • Provide transaction level amount and reference information

Merchant (Visa/Mastercard)

Westpac Visa and Mastercard Merchant settlements are bulk settlements containing the net of the captures and refunds performed on a settlement date.

Can I use merchant enrichment?

For Merchant enrichment to be compatible with your processing you must ensure that:

  • The transactions must be processed using QuickStream
  • The merchant facility must not be shared across QuickStream configurations

Example narrative without enrichment

MERCHANT SETTLEMENT 0000000 MERCHANT NAME      0001  LOCATIONCITY

What additional information can BankRec provide?

Visa/Mastercard merchant settlements are bulk deposits. BankRec can:

  • Provide transaction level amount and reference information
  • Separate the bulk or transaction level information into principal and surcharge items
  • Separate the bulk or transaction level information by the payment source (e.g. Phone, REST API)

NPP

New Payments Platform payments are accompanied with additional reference information beyond that available in traditional EFT's.

Can I use NPP enrichment?

Any account making or receiving NPP transactions can utilise NPP enrichment.

Example narrative without enrichment

DEPOSIT-OSKO PAYMENT 12345678 A TESTNAME & A.A TESTNAME Reference12345

What additional information can BankRec provide?

BankRec can expose a number of key elements that can assist with reconcililation including:

  • The creditor or debtor name
  • The beneficiary description associated with the transaction
  • The remitter description (for outward payments only)
  • The PayID type and PayID of the recipient (if one was used)

Off-system BSB

Can I use OSBSB enrichment?

All off-system BSB transaction activity is supported, however, in the event that multiple off-system facilities link to the settlement account enrichment will not be possible.

Example narrative without enrichment

There are a number of off-system settlement runs each day. These settlements will be separated with varying RLSE values in the settlement narrative.

DEPOSIT DE GEN CTR 2 OBL CR RLSE 0001 26/02/2020
DEPOSIT DE GEN CTR 2 OBL CR RLSE 0002 26/02/2020

What additional information can BankRec provide?

Each of the off-system settlements is a bulk deposit. BankRec can:

  • Provide transaction level amount and reference information - for off-system payments, the account number paid represents the reference
  • Provide the remitter name for each transaction
  • Group separate payment runs into a single statement entry (for formats natively support line items)