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Duco: Normalize, Validate, and Reconcile any Data

Top 10 Reconciliation Platform Solution Providers - 2019

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.”

Top Reconciliation Platform Companies

Duco enables financial services firms to control complex data using self-service technology and machine learning

du.co

Electra Information Systems is a leading, innovative provider of solutions and services for post-trade processing including reconciliation for the financial services industry

www.electrainfo.com

RynohLive is a patented financial management and fraud prevention system specifically designed for today’s diligent title agent

rynoh.com

Skystem’s ART equips accounting teams with striking insight into their balance sheet by transforming the close and account reconciliation process

skystem.com

AutoRek

AutoRek

The company’s core product is AutoRek, a powerful data management tool that streamlines the amalgamation and consolidation of data from disparate systems

Cashbook Westlake

Cashbook Westlake

Provides intelligent cash management software solutions that maximize the automation of high volume financial transactions

Datapro

Datapro

Software Development Company dedicated to banking industry

Enfusion

Enfusion

Offers innovative solutions- Intergrata, which automates and simplifies investment management on a single platform and seamlessly provides full front-to-back office services used by managers

Moven Enterprise

Moven Enterprise

Offers an innovative smart-banking mobile application that enables financial institutions to deliver a competitive, personalized digital banking experience which enables them to better acquire, retain and grow customers

RamQuest

RamQuest

Enables to capture additional title and settlement information needed by business without costly custom programming and development