{"id":670,"date":"2022-05-05T11:06:00","date_gmt":"2022-05-05T11:06:00","guid":{"rendered":"https:\/\/www.ascentbusiness.com\/blog\/?p=670"},"modified":"2023-05-23T11:37:50","modified_gmt":"2023-05-23T11:37:50","slug":"streamlining-reconciliation-automation-efficiency-and-compliance","status":"publish","type":"post","link":"https:\/\/www.ascentbusiness.com\/blog\/streamlining-reconciliation-automation-efficiency-and-compliance\/","title":{"rendered":"Streamlining Reconciliation: Achieving Automation, Efficiency, and Compliance"},"content":{"rendered":"\n<p>Ascent is proud to assist one of Oman&#8217;s premier Islamic banks, streamlining reconciliation to offer fully Sharia-compliant financial products and services through its wholesale and retail banking segments. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-large-font-size\"><strong>Challenges<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Manual reconciliations caused errors and inefficiencies.&nbsp;<\/li>\n\n\n\n<li>Ownership, cost, and compliance were not standardized.&nbsp;<\/li>\n\n\n\n<li>High transaction volumes added complexity.&nbsp;<\/li>\n\n\n\n<li>Manual ATM balancing was a challenge.&nbsp;<\/li>\n\n\n\n<li>Unstructured reconciliation resulting in Revenue leakage. &nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/www.ascentbusiness.com\/blog\/wp-content\/uploads\/image-1-1.png\" alt=\"\" class=\"wp-image-1044\" \/><\/figure>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-large-font-size\"><strong>Solution<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"340\" height=\"57\" src=\"https:\/\/www.ascentbusiness.com\/blog\/wp-content\/uploads\/recon-page-logo-updated2-2-340x57-2.png\" alt=\"\" class=\"wp-image-1079\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center has-white-background-color has-background has-medium-font-size\"><strong>Intelligent Omni-Channel Multi-Tenancy Platform Enabling End-To-End Reconciliation<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Achieved 80 % of automation in the Reconciliation process.&nbsp;<\/li>\n\n\n\n<li>&nbsp;Reduced Manual intervention.&nbsp;<\/li>\n\n\n\n<li>Real-time account balance and float information.&nbsp;&nbsp;<\/li>\n\n\n\n<li>High-volume data processing with less time frame.&nbsp;<\/li>\n\n\n\n<li>Fully Automated Reconciliation of ATM Balancing.&nbsp;<\/li>\n\n\n\n<li>Alerts on ETL, Recon, and Upload file Jobs.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color has-large-font-size\"><strong>Results<\/strong><\/p>\n\n\n\n<p>The Bank successfully automated the reconciliation processes listed below:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nostro&nbsp;<\/li>\n\n\n\n<li>Central Bank&nbsp;<\/li>\n\n\n\n<li>Payment Order&nbsp;<\/li>\n\n\n\n<li>ECC&nbsp;<\/li>\n\n\n\n<li>Loan and Insurance&nbsp;<\/li>\n\n\n\n<li>Mastercard&nbsp;&nbsp;<\/li>\n\n\n\n<li>Omanet&nbsp;<\/li>\n\n\n\n<li>Trade Deal&nbsp;<\/li>\n\n\n\n<li>Suspense GL&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Are you experiencing similar challenges?<\/p>\n\n\n\n<p>Get in touch to discover how Ascent AutoRECON can help address these issues.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.ascentbusiness.com\/request-a-demo\" style=\"background-color:#1c4185\">Request a Demo<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ascent is proud to assist one of Oman&#8217;s premier Islamic banks, streamlining reconciliation to offer<\/p>\n","protected":false},"author":4,"featured_media":677,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Streamlining Reconciliation: Automation, Efficiency and Compliance<\/title>\n<meta name=\"description\" content=\"Streamlining Reconciliation: Achieving Automation, Enhanced Efficiency and Complete Compliance. 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