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Banks with soaring transaction volumes of hundreds
of thousands transactions per day are seriously burdened with reconciling
them. Delays in reconciling transactions can rapidly lead to unruly
backlogs, control failures and financial loss. In the face of increasing
regulatory scrutiny and stringent auditing standards, none can afford
to slip.
Handling reconciliations more firmly and proficiently
makes good business sense. Increasing successful reconciliations
from existing through targeted percentage or more on millions of
transactions translates into massive savings in time and effort. |
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| Solution |
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Features |
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Since the same transactions are
recorded at multiple places by multiple parties, there’s
a strong need of reconciliation between the records
of these parties at regular intervals to support the
settlement process between the parties. With the increasing
transaction base, banks are often confronted with the
challenge of tracking the flow of funds and ensuring
a balanced bank account of their clients.
TPS Recon is a transaction based financial
governance solution designed to handle reconciliations
in any high volume environment, especially where there
is a complex requirement to manage multiple data sources
and a need for sophisticated matching across multiple
data fields. Recon is designed to deliver advanced functionality
with high processing power which greatly decreases the
processing cost and operational risk.
The solution provides an easy way to
automate the reconciliation process and purge most errors.
With Recon, Details of similar transactions residing
in different data sources can be verified, and then
a summary generated of reconciled and un-reconciled
transactions. |
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The Recon System provides the following
facilities: |
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- One Click Reconciliation
- Offers Reconciliation between multiple internal
and external systems
- Generic rule based reconciliation process definition
support reconciliation between any number of sources
- Built-in support for industry standard formats
like VISA BASEII
- Configurable input file definition to facilitate
multiple input sources
- Facility to define Pre-validation rules and selection
criteria based on input data
- Generic Rule Definition engine to define Reconciliation
rules which apply on all matched transactions
- History viewer provides summary of each reconciliation
cycle as well as transaction level details for each
transaction on which reconciliation activity is performed
- Separate reporting for exception cases like unmatched
transactions, Out of Range criteria or transactions
which fail data validation rules
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