6. Electronic Banking Interfaces

This system is used to reconcile the institution’s cashbook electronically.   The value of this system lies in the speed with which reconciliation of bank statements can be done, because the user does not have to recapture the initial data as on the bank statements.

The institutions preferred bank’s own software is used for creating and downloading the text file.  This file is then used to do the electronic matching of cheques and deposits. The conversion rules can be set to recognise and import the student number to the correct field when a student has made a deposit.

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