Reconciliation (reconPro)

In today’s changing times, the companies dealing with Financial Services need to rethink their approach of doing business and serving clients in order to stay competitive and deliver up-graded and exceptional services in the market.

The Financial Institutions should continuously offer new products or enhance their current ones to generate new revenue streams that will further strengthen the bottom line. The financial institutions needs to function effectively from start to end without any operational delays.

A product is required to serve the following needs effectively:

  • Much Faster & Speedy processing of Uploads & Matching
  • Facility to Upload various type transaction files
  • Effective Matching Engine with various reconciliation rule setups
  • Auto Branch Assignment facility via upload of Branch assigning files derived from other satellite systems
  • Auto Match facility across all Currencies and Accounts in one go
  • Availability of Audit Trail
  • Investigations & Follow-ups
  • Log reports for all sorts of upload with detailed explanations for exceptions
  • Additional reports for day to day processing controls

reconPro : Comprehensive Reconciliation Platform

reconPro is a comprehensive reconciliation system to maintain the reconciliation between the various transactions executed at Branches, ATM, Operations, Correspondent Bank, Treasury or any other department. reconPro is a highly scalable, real-time matching reconciliation solution for the banks and financial institutions.

The Financial Institutions and banks, if choose reconPro can have benefits like quick time-to-market, lower up-front costs and elimination of most of the maintenance issues.

reconPro automates the process of investigating transactions within a wide variety of banking systems, using multiple field queries. It significantly shortens the time and effort needed to reconcile transactions and accounts, reducing operating expenses for the bank while providing improved service to corporate customers.

reconPro is a robust and market expedient solution to carry out the reconciliation task for the financial institutions with high efficiency and accuracy.

Product Coverage

  • Reconciliation of various transaction such as
    • Currency Exchange Transaction Reconciliation (Inter Transfer)
    • Nostro Reconciliation (Foreign Currency)
    • Cash Balance Reconciliation (Local Currency)
    • Demand Draft Account Reconciliation
    • General Ledger Reconciliation
    • Credit Card Settlement Account Reconciliation
    • Non-General Exchange Transaction (ATM & Non-ATM)
    • Reconciliation E-Channel and Business Card Transaction
  • Rule Engine Setup for reconciliation
  • Data Correction Facility for branches
  • Auto match and relaxed match on desired parameters
  • Permanent Audit Trail
  • Investigation & Follow-ups
  • Reporting & Analysis

Benefits

  • User friendly interface
  • Menu driven functionalities
  • Huge volume handling capability
  • Automating complex nature of reconciliation helps remove errors/ re-work
  • Customizable rules setting provides ease in managing various data formats
  • Better reporting with faster reconciliation cycles
  • Interface with surrounding systems like core systems, treasury, etc. for balance updates and trade reporting