Although automated reconciliation systems have made a way into banks and other financial institutions, their full potential is yet to be unleashed. Most often processes dealing in certifications and reconciliations, which demand accurate financial closes as per compliance regulations are completed using conventional spreadsheets. As a result, financial teams struggle to meet deadlines and in desperation engage in recording out-of-balance transactions, leading to huge business losses. The good news, however, is CFOs are considering the automation of major financial back office operations in order to eliminate errors during the conduction of processes. In the present era of digital transformation of financial activities, consumer-facing automated reconciliation platforms are an imperative.
Beginning with data ingestion, matching and exception management to reconciliation, certification and closing, reconciliation platform solutions are ensuring trackability of financial data throughout the cycle. Teamed with Machine Learning (ML) and Natural Language Processing (NLP), automated reconciliation platforms are significantly reducing the errors almost by half. This has further empowered businesses to integrate balance- as well as transaction-level data, promoting visibility and rapid resolutions in terms of exceptional scenarios, preventing manual interventions in the process. Contrary to the manual reconciliation process where stakeholders are unable to receive an audit trail for balance sheets, automated reconciliation platforms are promoting transparency by guiding auditors in understanding every process under as per the Sarbanes- Oxley regulations and FDIC directives.
Organizations are now more capable of streamlining their reconciliation processes, thanks to the integration of Blockchain, apart from high-end security provided by the technology. With Blockchain, auditors are now capable of sharing datasets, which allows them to complete tasks in real-time. All these developments are aimed at a single objective—shortening the financial closings, without compromising on the quality.
While cutting-edge technology ensures quality for the trading industry, it is an uphill task for organizations to decide on one from the wide assemblage of trends. To make this task easier, a distinguished panel comprising CEOs, CFOs, CIOs, VCs, Analysts and the editorial board of Banking CIO Outlook has selected a list of trading solution providers.
We present to you Banking CIO Outlook’s “Top 10 Reconciliation Platform Solution Providers - 2019.”
