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Automated your reconciliation yet?

July 11, 2019

 

Reconciliation is an indispensable  process in the financial services sector ,though mostly considered as very tedious and time consuming, it’s at the very heart of financial management.
Legacy reconciliation systems and manual processes are not well equipped to adequately handle the 21st century   reconciliation life cycle. Today every aspect of the reconciliation process introduces huge challenges and significant risk. Lack of an automated reconciliation solution further brings unnecessary difficulties in obtaining reports at month or period ends. Furthermore, the inability to monitor and track the high transactional volumes results in a lack of visibility thereby hindering focus and support on the reconciliation process.
 

It is because of these reasons and more that we developed Ntellicheck; a bank reconciliation solution that automatically matches bank data on any criteria, predefined in a configurable and intuitive rule engine module. Ntellicheck allows financial institutions  to automate the complete reconciliation process thereby allowing resources to be focused on investigating and handling exceptions, consequently reducing risk. Lets  look at the core components of this reconciliation software  and see what makes it  a game changer .
 

Matching Engine
 

Today, banks across the world continue to have high volume, complex matching needs thus requiring matching functionalities that are feature rich, highly flexible and fully configurable. Despite conceptual matching being at the heart of the reconciliation process, market needs continue to evolve resulting in varying environments, thereby creating a need to deliver a truly valuable matching engine that leverages on the latest technology with a flexible, reliable and easy-to-use rule based system.

The Ntellicheck answers these needs by providing a reliable, and user-friendly rule-based system. It is an automated batch processing technology intentionally designed to allow a transparent and thorough operational workflow by recording actions made within the matching engine in the database. It further provides powerful functionality by supporting multi-sided reconciliation and complex matching rules in one-to-one, one-to-many, and many-to-many relationships and is packaged in  an intuitive  design.

Reporting Module
 

Every so often, financial institutions need specific reports for their reconciliation processes. This may especially prove cumbersome  when reconciliation data is spread across different locations within the institution. The report scope may be restricted in relation to when the reports are generated and how often they are delivered.
 

Ntellicheck not only includes a diverse array of built-in reports, but it also offers the opportunity for users to configure reports to their exact specifications in order to meet the needs of the users. The reports generated could range from your daily summary reports to your GL reconciliation  and even Treasury reconciliation reports.


Manual Matching

This feature provides a logical work space to update the records that may have not been automatically matched. The process is simple and allows clearing of exceptions on a one-to-one, or one-to-many or many-to-many relationships.

To enhance accountability, the manual matching module allows addition of comments when reversing a previously matched item. The built in email functionality further augments this capability by allowing users to clarify details relating to unmatched items from other users within the system.  
 

Exception Handling

 

Different business areas require different exceptions and criteria for aging and risk. While some exceptions can be managed separately, others have to be managed in groups based on the set criteria. All information related to exceptions therefore have to be organized in a convenient  way, despite the work being distributed across different teams or locations.

Ntellicheck software facilitates different user-defined exception categories, easily managed by an admin with appropriate access privileges. Transparency and convenience of the reconciliation process is further enhanced by having search and filter functions, configurable access rights for different users, reports, and email notifications.

To get more insights from our team of experts ,reach out to us  for a free consultation.

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