Statement and Transaction Reconciliation

While the banking, securities and corporate sectors all face distinct challenges, they share universal challenges resulting from inefficiencies arising from the manual processing of reconciliations and exceptions management. The ongoing tightening of the regulatory environment provides additional compliance obligations to reduce operational risk and increase audit transparency.

The financial transaction life-cycle can involve several different parties and systems recording each process separately and differently, requiring a reconciliation process to ensure global consistency and risk mitigation.

Internal Silos

 For many organizations, reconciliation can be a complex, tedious and extremely time-consuming process involving multiple instruments across several business lines. These internal silos are in turn compromised by the diverse data sources and formats received from a wide variety of external counterparties, banks, customers, brokers and suppliers. The potential for human error in this reconciliation process introduces yet further risk to the financial and reputational security of an organization.

High transaction volumes, multiple bank accounts, different transaction types, multiple currencies and various bank file formats with varying reconciliation schedules ranging from intra-day to monthly, or event driven, exacerbate the problem. This complex mosaic traditionally results in the deployment of a plethora of reconciliation tools – leading to fractured visibility and continuing high exposure to risk.

Find out more by downloading this datasheet.