Reconciliation is essential to determine whether customers have paid and whether payments are correctly registered in your accounting system. Twikey provides the tools to simplify this process as much as possible — both for clear customer communication and accurate backend processing.
When processing bank transactions, two common formats are used for reconciliation: CAMT.053 and CODA.
CAMT.053 (ISO 20022 XML format) is a structured and highly detailed file format aligned with SEPA standards.
It provides:
CAMT is ideal for precise tracking and reconciliation of payments.
CODA is a traditional format, mainly used in Belgium. It provides a clear transaction overview but includes fewer structured details compared to CAMT.053, especially regarding detailed rejection reasons or a complete transaction history.
Reconciliation usually begins with an invoice (or another payable item).
Example:
Customer Alice needs to pay merchant MyCorp an invoice for January:
2020-0001To automate reconciliation, MyCorp includes a structured reference. While an internal reference also works, a structured message has the advantage that some banking applications validate it automatically.
Now, there are 2 parties involved that will look at the information provided by the bank from a different angle. We allow you to customize both offering you the best experience.
Alice has lots of transactions on her account information. It's full of payments, but since she's very conscious of today's dangers of paying online she always carefully scans the transactions. So for Alice it would be good to know that the 100 euros she paid is for the January invoice of MyCorp. If she noticed a transaction of 100 euros without the proper info she could start calling her bank to reverse the payment causing MyCorp to bear the costs.
In Twikey, the message shown to the customer is called the Title.
This ensures transparency and reduces the risk of chargebacks or refund requests.
Best practice:
Invoice JanuaryInvoice January – 2020-0001MyCorp manages many customers and needs efficient automation to track payments internally.
For this reason, MyCorp sends its internal reference to Twikey via the Remittance field.
This reference allows:
How the Title and Remittance appear in bank information depends on the payment method used.
With Direct Debit, the transaction occurs directly between the merchant’s and the customer’s bank accounts.
In this case:
Because this information appears on the customer’s account statement, it must clearly describe the payment information to avoid disputes.
Read here how to reconcile Direct Debit collections
When a customer pays via a payment link:
From the customer’s perspective, the Title ensures clarity, so everything should be clear from their point of view.
For the merchant however, this is just the start. In order to be sure that all transaction feedback is correctly processed into their backend the reference they provided earlier in the 'Remittance' field should now be provided into the feedback coming from Twikey.
The Remittance reference you originally provided is returned in the reconciliation feedback files generated by Twikey. These files can be generated and accessed via Reconciliation > Files menu
The Matching menu displays incoming payments that could not automatically be linked to an invoice or Direct Debit transaction.
Typical scenarios:
Using this tool, you can manually reconcile payments to the correct invoice(s).
If a payment does not need to be linked (e.g. duplicate payment, non-customer payment), you can archive it.
The Reconciliation files menu allows you to :
CAMT.053 and CODA files for both Direct Debit transactions and payment links.
The matching and reconciliation files menus are only available to users with the Controller role.
See Users for information on managing user roles.