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How General Electric collects and warehouses all bank e-statements from their banks world-wide

In most countries at the end of each accounting period banks must provide statements and other reports. The electronic USA BAI statements and MT940 SWIFT statements mostly do not comply with countries reporting standards. eStatements, which are an electronic image of bank’s paper statement and documents, are acceptable.

General Electric
GE now requires that their 100 banks around the world (where they have a total of 14,000 accounts) send them an image of their final period end statement using SWIFT FileAct. These are stored in the eStatement solution from GTreasury or on the corporate user’s own database, see figure. The eStatement Solution also accepts image files of: DDA monthly statements, cheque images, remote deposits, returned items, reconcilement reports, custody account statements, Positive Pay files, lockbox images and bank fee reports.

GTreasury eStatement Solution

Source Copyright©2012 - GTreasury

This combination of SWIFT FileAct delivery and Gtreasury’s eStatement solution reduced the effort needed to ensure compliance with internal rules and processes for delivery and handling of bank statements. It also reduced the company’s carbon footprint by eliminating the printing, mailing, transportation and storage of paper. And as well eliminated the need for staff to maintain entitlements and stay current on training to use multiple banks’ different electronic e-banking and repository applications.

Another important benefit of the eStatement solution is that it has been possible to eliminate the old cumbersome and confusing set of multiple bank-led processes. There is no longer a need to print, store or destroy any documents as they are now immediately available as electronic images, which are all safely stored in a secure database.

GE has already realised process efficiency cost savings of approximately US$200,000 in fiscal year 2012 from their e-statement solution and estimates further cost savings of over US$1.5m next year.

Other users
Other users of the eStatement Solution are using it to collect statements direct from bank web sites and bank FTP sites as well as via SWIFT. Each new installation normally requires some customization for each bank‘s file header formats and content.


The pioneering work by GE to persuade banks around the world to provide full e-statement image files via FileAct means that many banks are now keen on reporting via e-statements, e.g. Bank of America Merrill’s latest enhancement to their SWIFT Score service. The automation of the collection and storing of banks' statements and other documents just became a lot easier. 

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