When it comes to financial matters, customer engagement matters more than ever.
The process of reconciling bank’s ledger with multiple statements from different sources is greatly impacted by the manual reconciliation process, mode of payments, transaction types from bank/foreign accounts and huge volumes of transactions.
Practically, the financial stability of a bank or any other firm is directly proportional to accurate reconciliation. Any mismatch would lead to unexpected revenue leakages and operational inefficiencies.
Aiming for the highest levels of Straight Through Processing amidst existing silos and complacency will only be a distant reality, the need of the hour is to look for dynamic and simple automated solutions.
Changing Global Reconciliation Scenario
Impressively, IT spending on an automated solution for reconciliation is expected to reach the US $ 1.27 billion by 2017. In this, the majority of growth is in Asia Pacific banks, followed by North America and Europe.
The IT Solutions for banking is growing rapidly over 4% of CAGR and is expected to reach approx. $ 13 billion by the end of forecast period. <https://www.marketresearchfuture.com/reports/core-banking-solutions-market-3208> Asia-Pacific region is one of the prominent players in the market owing to increase utilization of online and mobile banking process.
Features of Automated Reconciliation Software
- Identifies settlement gaps and ensures data integrity using inbuilt validators
- Matches data in real-time through intelligent algorithms
- Enables to evolve the organizations’ capabilities and helps them serve specific demands of their businesses through Agile Platforms
The Ascent Reconciliation Software is designed to offer the highest level of automation, featuring multiple match rules, rules-driven by exception processing and automated follow-ups to eliminate unnecessary manual effort and reduce errors, risk, and exposure. It ensures revenue assurance through a streamlined Straight Through Processing and role-based access control.
Ascent AutoRecon© is a SaaS level 3 maturity application, hence supports multi-tenancy/ institutional Deployment.
It can be implemented centrally at a Group/ Head Office Level and web-based access can be given to various other locations, thereby effectively managing the tool through a shared service model within the UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya, Malaysia etc.