It's a problem with which corporate treasurers have struggled for years: the accounting systems they use to manage their company's money don't easily talk to their banks' software. When they receive electronic bank statements, they tend to need to manually reconcile them with the company's accounts payable, accounts receivable and treasury systems. And when they receive a payment through their bank, they don't always know what that payment is for.

Some corporates upload and receive files from their banks using the electronic data interchange document standard, but this tends to be a cumbersome and time-consuming process.

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