In today's quickly globalizing world, the financial sector faces challenges related to fragmentation and inconsistent use of standards, especially in the area of bank statements and payment orders. This situation poses a significant barrier to effective and transparent financial transactions at international level. In response to this situation, banking institutions around the world are increasingly focusing on the implementation of the international standard ISO 20022, which defines a single XML format for bank statements.
This trend is even more important in the context of the European Union. EU regulation stipulates that all banking institutions must migrate from their own, often proprietary, bank statement formats to the universal XML format of the referenced ISO 20022 standard by November 2025. This transition is seen as a major step forward in harmonizing banking processes and creating a single financial ecosystem across Europe.
Despite this standardization, there will remain room for some specific information to be added to bank statements. This information may be the result of possible modifications and extensions to the XML schema that a specific bank deems necessary for its operations or to meet the specific needs of its clients.
As this standard is being implemented across banks in the European Union, including the Czech Republic, we have extended our bank statement product for Oracle JD Edwards EnterpriseOne to support bank statements in XML format in accordance with ISO 20022. This product now offers extended support for processing bank statements in XML format that are compliant with ISO 20022.
At Algotech, however, we are continuing our long-term strategy of supporting current banking formats. Our bank Statement Processing solution for JD Edwards EnterpriseOne is compatible not only with new bank statement formats, but also with legacy and still in use bank statement formats, which provides clients with maximum flexibility. It is fully integrated with the JD Edwards EnterpriseOne platform and designed to handle a variety of bank statement formats based on the ISO 20022 standard. With our solution, bank statements are uploaded and automatically matched to the relevant open receivables, payables or general ledger entries.
What do you get with the implementation of Algotech Bank Statements Processing for Oracle JD Edwards EnterpriseOne?
Do you need help implementing XML bank statement format support in Oracle JD Edwards EnterpriseOne ERP? Do not hesitate to contact us. Our team of experts is ready to provide you with all the support and consultation you need to take full advantage of the potential of our solution.