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RECONCILIATION
SYSTEM

RECONCILIATION SYSTEM

Reconciliation in banking industry is a very important and crucial activity which needs to be performed on daily basis to keep the books balanced. The manual or partially automated reconciliation is error prone, tedious and labor intensive. There is a need for a fully automated system which can minimize outstanding un-reconciled entries, identify and have the discrepancies eliminated quickly, provide effective monitoring and control tools to avoid frauds and reduce the chances of incurring financial losses. If accounting entries are not reconciled properly, they may give rise to financial irregularities. Also, un-reconciled entries will pose major hurdles in statutory compliances. Many systems have been developed which have simplified the reconciliation process to some extent but these systems are also unable to deliver maximum output so as to be truly called as automated systems.

Realizing the immense need for a full-featured automatic-reconciliation system, PIBAS Pakistan has developed its System that provides a Total Solution to the banks for inter-branch, Nostro, ATM/Credit Card/POS and Central Bank reconciliation.

Based on the distinct types of activities handled by the Reconciliation department, the PIBAS Reconciliation System is able to reconcile:

  • HO/Inter-Branch transactions by facilitating the individuals within the department to expeditiously and accurately do the reconciliation, follow-up on the un-reconciled items and effectively monitor and control all the Inter-Branch transactions.
  • Nostro transactions between treasury and Nostro banks by automatically matching all “our” book entries with “their” book entries of Nostro Banks.
  • ATM/POS/Credit Card transactions by matching all entries made through various channels. The System will provide the functionality for defining multiple member Banks together with multiple products like cash withdrawals, credit card, POS, charges, etc.
  • Central Bank transactions by matching the periodical statements generated by the Central Bank with the book entries at the bank. The money market, FOREX, clearing and remittance transactions are also handled through the reconciliation system.

 

The system is independent of any core platform and thus can be acquired by any banks regardless of the core solution they have in place. The system support data in standard and most widely used XML format with a flexibility to import files either through flat extracts, Excel sheets, CSV text files, or by directly accessing the database.

The system has MT Standard messaging interface with SWIFT Alliance that enables system to process MT940/950 SWIFT statements that improves efficiency and reduce cost by eliminating human interventions.

On an average, the system has potential to automatically reconcile up to a minimum of 80 to 90 % of the un-reconciled transaction. For the remaining rest, the system provides a business intelligent decision support mechanism that proposes the user to reconcile the entries by providing all closely matching results through a set of parameters for one-to-many and many-to-one reconciliation, optional and special Marking

Salient Features of the system:

  1. Interface with legacy systems:

    The application can import data from any legacy system through:

    • RDBMS (Real time)
      • ORACLE
      • MS SQL Server
      • MS Access
    • Flat File Database
    • MS Excel Sheet
    • CSV Text Files
    • XML
  2. Intelligent Corresponding System:
  3. The system provides auto emailing feature so that intimation of all outstanding entries are send to the respective department / branch. Auto emailing can address different and multiple officials. This auto emailing feature is totally parameterized to attach transaction specific values and references.

  4. Decision Support Mechanism
  5. For all those entries which are not reconciled during Auto Reconciliation process due to any mismatch/incorrect attribute, the System provides mechanism that proposes the user to reconcile the entries by providing all close results through a set of parameters.

    • One to Many Reconciliation
    • Optional Marking
    • Special Marking
  6. Period Sensitive Archive
  7. The System maintains a historical database for data mining, research, audit, and archiving purposes. The period definitions and other database parameters and totally user defined.

Capabilities of the product:
PIBAS Reconciliation System is capable of fulfilling the following requirements of the financial institutions:

  • Reconciliation of all financial activities
  • Highly scalable to handle millions of transactions simultaneously
  • Reconcile up to a minimum of 80 to 90 % of total transactions
  • Manual marking facility for the un-reconciled entries
  • Comprehensive configuration possibilities
  • Capable of handling multiple formats
  • Data validation and conversion in standard format
  • Uploading entries sent by different banks/ branches
  • Transmission of data from controlling offices to a central location
  • Auto correspondence on mismatches through the network to branches
  • Historical database for data mining, research, audit, and archiving purposes
  • Bank/Branch Maintenance
  • Access Control/ Security
  • Core independence
  • Interfacing capabilities with any system

Value Proposition:

PIBAS Reconciliation System is a total solution to problems of backlogs, errors, omissions, frauds, and dissatisfied partners and customers, achieving objectives such as:

  • Increased Efficiency
  • Accuracy and Reliability
  • Reduced Cost
  • Early Fraud Detection
  • Effective monitoring and control, and
  • Proactive business decision making

PIBAS Reconciliation System provides the best value for money, both in terms of total cost of automation as well as the operating cost due to high level of efficiency accomplished through our system. The distinct advantage we have over the competition is because:

  • A better Return on Investment for financial institutions
  • The low cost of doing total automation of reconciliation operations
  • A reduced total cost of ownership
  • Rich in functionalities, features and facilities, and easy to use and deploy
  • A versatile application that can be customized with or without charges to customers in order to fulfill their requirements
  • A proactive approach to continuous improvement process for meeting customers current and future needs
  • Completely parameter driven
  • Robust product support exceeding service level expectations

A great benefit of acquiring our solution lies in the fact that we provide the flexibility in choosing operational banking environment and deployment strategy thereby minimize the cost of ownership of total solution with reduced delivery cost of services to customers.

 
 
 

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