In many cases, ISO reconciliation messages (MT940/950, 535, 536) are very limited in the information they provide. Consider the transaction type "NMSC" (miscellaneous) found in a MT940/950. This particular transaction type could mean any number of things and with the optional transaction description often blank, operations staff must research the transaction on the bank's website to decipher its meaning.
Many Electra clients have abandoned ISO reconciliation messages in favor of our more robust data feeds. One such client conducted an exhaustive cost-benefit analysis that detailed how much time their portfolio accountants spent researching ambiguous ISO reconciliation data. That firm concluded that the additional cost to have Electra manage their data collection activities was far cheaper and came with substantially less risk than having portfolio accountants spending time on bank websites filling in the missing gaps. For them, the ROI was immediate once they understood the hidden costs of using ISO reconciliation data.
(Todd Sloan, Senior VP)