Automatic Cash Application

Has anyone found a way to automate the A/R Cash Application process?

We would like to take a formatted file from our bank and from this be able to perform Cash Receipt Entry automatically.

Options currently under consideration are:

1) Some form of "Paste Insert" via a Customized Cash Receipt Entry UI
2) Service Connect
3) Custom code / application

We are currently running 8.03.408B SQL

Thanks in advance,

Nathan Bonner
Total Plastics, Inc.