bankingciooutlook
Financial Software and Systems (FSS): Reconciliation Operations Made Easy

Top 10 Reconciliation Platform Solution Companies - 2020

Be it debit or credit, ACH or check, cash or calls, and online or offline– financial institutions are handling payments at a steadily increasing pace across varied touchpoints. And the ever-increasing demands for digital real-time payments are only fueling the need to track and reconcile the volumes of transactions made each second. Several organizations are automating their reconciliation processes to match costs and detect exception on a single platform. Not only does automating reconciliation reduce time and chances of error but also enables financial firms to scan through a large volume of transactions quickly, thereby ensuring a high match rate. Furthermore, the introduction of many cloud and on-premise platforms to support reconciliation software facilitates the proper management of middle and back-end office activities.

Keeping in mind such drastic transitions, we have compiled this issue of Banking CIO Outlook in order to assist organizations in the task of finding accomplished solution providers and services companies to help them navigate the reconciliation realm. In this edition, we have listed the top 10 reconciliation platform solution providers 2020 and top 10 reconciliation platform consulting/service companies 2020 to highlight the enterprises that can escalate the chances of your growth. Equipped with innovative technological capabilities, these enlisted solution providers and consulting/services companies are transforming the reconciliation paradigm at the cloverleaf of various disruptive technologies. Besides, the magazine comprises insights from subject-matter experts, CIOs, and CXOs in the banking sector on the latest industry trends, best practices, recent innovations, and highlights their expertise. We hope this issue of Banking CIO Outlook helps you build the partnership you and your organization need to foster an environment driven by robust and efficient technology.

We present to you Banking CIO Outlook, “Top 10 Reconciliation Platform Solution Providers 2020”.

Top Reconciliation Platform Solution Companies

The company is a global banking and digital payments company offering a highly configurable Smart Recon platform. Through its reconciliation Suite, FSS offers its platform for onboarding new reconciliations and automating end-to-end operations across payment channels. As a trusted B2B brand, powering payments globally, FSS manages over 27,000 ATMs for 30+ banks, issues 800M cards and reconciles over 1B transactions per month. The platform supports not just on-us, off-us, and remote on-us (us-on) transactions but also all typical file formats made available by interchanges. FSS offers a diversified portfolio of software products, hosted payment services, and software solutions

www.fsstech.com

Duco

Duco

Duco is a data engineering technology company that offers self-service data engineering in the cloud. The company enables users to validate, normalize, and reconcile any type of data on demand. Duco utilizes computer science to solve the world's reconciliation problems with the help of its software Duco Cube. Their customers include international banks, brokers, asset managers, exchanges, service providers, hedge funds, administrators, and corporates. Duco offers innovative technology that empowers financial institutions to validate, normalize, and reconcile any type of data in Duco's cloud, providing firms with insight and on-demand data integrity. Their SaaS solution is utilized by some of the largest companies in the world, including international banks, administrators, asset managers, exchanges, hedge funds, and service providers

Electra Information Systems

Electra Information Systems

Electra Information Systems provides solutions and services for post-trade processing, including data collection, reconciliation, and transformation, trade matching, and settlement, as well as client fee billing for the financial services industry. Electra operates many asset managers in the industry. Hedge funds, institutional investment managers, insurance companies, plan sponsors, and other financial services institutions depend on Electra. They partner with their clients to provide excellent post-trade processing solutions, support, and training, – all of which allow their clients to significantly increase manage costs, efficiency and reduce risk

Finlync

Finlync

Finlync’s native treasury apps offer finance professionals and corporate treasurers complete, direct control of their data. Instead of being constrained by third-party systems as well as weak links, treasuries can now maintain unrestricted connections to all of their banks. That constant visibility means better decisions, more liquidity, and the prevention of fraud. And since it is a native install, it can start functioning in a matter of days, not months

Itemize

Itemize

Itemize is a data extraction and reconciliation platform used by businesses to transform and reconcile expense documents, such as receipts, invoices, and purchase orders, together with commercial payment transaction information

Private Wealth Systems

Private Wealth Systems

Private Wealth Systems empowers high net worth investors in global private wealth, as well as their advisors, with the information they require to understand which managers and what investments are driving return, risk, income, and expense across their entire wealth, regardless of manager, asset class, custodian, country or ownership structure to make better decisions to preserve and grow their wealth. Established by pioneers of the consolidated investment reporting industry, Private Wealth Systems offers a total wealth dashboard with transaction-level-transparency, so investors and also their advisors have instant access and understanding of the drivers of risk as well as return across all of their investments, regardless of the asset class, complexity, or entity structure

Renovite

Renovite

RenovITe is a payment product organization established by payment experts, providing business solutions that are based on proven frameworks and designed to evolve with the customer ecosystem. The organization’s core offering is RIPPS, the EFT payments switching product, as well as REXA, their test automation suite. Their products have been tailored to fulfill the requirements of an agile 21st-century payments processor

RynohLive

RynohLive

RynohLive is a web-based, patented, “bridge application” that has revolutionized escrow account management practices. The company integrates with its agent’s escrow accounting software and their online banking (read only) to offer the industry’s premier escrow as well as financial security software solutions. It provides continuous end-to-end account auditing, daily reconciliation, anti-fraud algorithms, transaction monitoring, and built-in automated reporting. The company is headquartered in East Coast, Southern US. RynohLive has removed disbursing losses; prevented check, wire, as well as ACH fraud; found out employee embezzlements; and verified “good funds” were in the bank for disbursement

Skystem

Skystem

SkyStem provides a powerful close as well as account reconciliation application for organizations looking to streamline their financial processes. Its flagship solution, ART, is an enterprise technology that allows CFOs and Controllers to shorten the month-end close as well as time to issue financials by managing month-end tasks, automating balance sheet reconciliations, and providing insightful reporting. The web-based solution eliminates and streamlines up to 90 percent of manual activities while bolstering internal controls and corporate governance. The company is headquartered in the heart of New York City

Smart Solutions

Smart Solutions

Smart Solutions provides financial management software solutions Specifically for the CFO. Its cloud financial close solutions automate and simplify thousands of closing transactions to save time and ensure accuracy, and it can help companies gain access to all their important accounting functions anywhere and at any time. In addition to this, the company specializes in treasury management. Smart solutions offer enterprise resource planning to help effectively streamline budgeting for purchased capital assets across a company