A financial institution dealing with large volumes of data daily. With operations spanning multiple countries and financial instruments, the bank handles large volumes of data daily. The bank’s existing matching and reconciliation processes were largely manual and time-consuming, resulting in delays and errors. The bank was looking for an automated banking software solution that would help them streamline their processes, reduce the risk of errors, and improve the accuracy of their financial data.
Key Product Parameters for System Improvements
Rapid onboarding of new reconciliations: FIS IntelliMatch Operational Control is designed to support the rapid onboarding of new reconciliations. The platform provides a library of pre-built reconciliations that can be easily configured to meet the specific needs of the client. The platform’s flexibility allows the client to quickly add new reconciliations as their business needs evolve.
Consolidation of infrastructure and processes: IntelliMatch Operational Control enables the client to consolidate their infrastructure and processes. The platform supports the integration of multiple data sources, such as trading systems, accounting systems, and custodian systems, into a single platform. The consolidation of processes allows the client to reduce manual processes and automate their workflows, resulting in greater efficiency and cost savings.
Optimization of processes for greater cost-savings and business efficiency: IntelliMatch Operational Control offers advanced capabilities for optimizing processes. The platform leverages a powerful rules engine that allows for the definition of rules for matching, exception handling, and data quality control. The rules engine enables the client to customize the platform to meet their specific needs, resulting in greater efficiency and cost savings. Additionally, the platform offers real-time monitoring and reporting capabilities that allow the client to identify and address issues quickly, leading to more accurate and end to end reconciliations.
Being an agile software company, Agile Soft Systems recommended IntelliMatch Operational Control, an enterprise matching and reconciliation tool that could meet the client’s requirements. IntelliMatch Operational Control helps financial service providers deploy enterprise matching and reconciliation solutions that can promote business growth through rapid onboarding of new intellimatch reconciliations, consolidation of infrastructure and processes, and optimization of processes for greater cost savings and business efficiency.
Solution Software & Application
Value Added to the Client
- General Ledger Reconciliation: monthly.
- ATM and Card Reconciliation In particular, the solution will help banks to:
- Manage ATM cutoff and replenishment timing issues
- Improve the quality of ATM e-journals and transactional data
- Handle disputes and failed transactions
- Manage on/off us, issuer, and acquirer transactions
- Create card settlement/payment file generation
- Manage the manual process for reviewing transaction breaks and general ledger entries.