Case Study
May 5, 2022

Streamlining Reconciliation: Achieving Automation, Efficiency, and Compliance

Ascent is proud to assist one of Oman's premier Islamic banks, streamlining reconciliation to offer fully Sharia-compliant financial products and services through its wholesale and retail b...

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Ascent is proud to assist one of Oman’s premier Islamic banks, streamlining reconciliation to offer fully Sharia-compliant financial products and services through its wholesale and retail banking segments.

Challenges

  • Manual reconciliations caused errors and inefficiencies. 
  • Ownership, cost, and compliance were not standardized. 
  • High transaction volumes added complexity. 
  • Manual ATM balancing was a challenge. 
  • Unstructured reconciliation resulting in Revenue leakage.  

Solution

Intelligent Omni-Channel Multi-Tenancy Platform Enabling End-To-End Reconciliation

  • Achieved 80 % of automation in the Reconciliation process. 
  •  Reduced Manual intervention. 
  • Real-time account balance and float information.  
  • High-volume data processing with less time frame. 
  • Fully Automated Reconciliation of ATM Balancing. 
  • Alerts on ETL, Recon, and Upload file Jobs. 

Results

The Bank successfully automated the reconciliation processes listed below: 

  • Nostro 
  • Central Bank 
  • Payment Order 
  • ECC 
  • Loan and Insurance 
  • Mastercard  
  • Omanet 
  • Trade Deal 
  • Suspense GL 

Are you experiencing similar challenges?

Get in touch to discover how Ascent AutoRECON can help address these issues.

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