pibas value: Reconciliation

Our fully automated Reconciliation system can minimize outstanding unreconciled entries, identify the discrepancies & eliminate
them quickly, provide effective monitoring & control tools to avoid fraud and reduce the probability of incurring financial losses.
If the accounting entries are not reconciled properly, they may give rise to financial irregularities; Furthermore, unreconciled entries
will pose major hindrances in statutory compliances. Many systems have been developed which have simplified the reconciliation
process to some extent, but these systems are still unable to deliver maximum output and can not truly be called automated systems

Realizing the immense need for a full-featured automatic-reconciliation system, we at PIBAS have developed our System to provide a
Total Solution to the banks for inter-branch, NOSTRO, ATM / Credit Card / POS & Central Bank reconciliation

Based on the distinct types of activities handled by the Reconciliation department, 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 un-reconciled items
    and effectively monitor & 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 therefore can be acquired by any bank regardless of the core
solution they have in place. The system support data in standard, and more 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 a MT Standard messaging interface with SWIFT Alliance that enables the System to process MT940/950 SWIFT
statements, which improves efficiency and reduces cost by eliminating human intervention.

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

Salient Features:

      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

      The system provides an auto-emailing feature so intimation of all outstanding entries are sent to their respective department / branch. Auto-emailing can address different and multiple officials; The auto-emailing feature is totally parameterized to attach transaction specific values and references

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

      • One to Many Reconciliation
      • Optional Marking
      • Special Marking

      The System maintains a historical database for data mining, research, audit & archiving purposes. The period definitions and other database parameters are totally user defined

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

  • Reconciliation of all financial activities
  • Highly scalable to handle millions of transactions simultaneously
  • Reconcile up to a minimum of 80-90% of total transactions
  • Manual marking facility for un-reconciled entries
  • Comprehensive configuration possibilities
  • Capable of handling multiple formats
  • Data validation & 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 & 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
& dissatisfied partners and customers; achieving objectives such as:

  • Increased Efficiency
  • Accuracy & Reliability
  • Reduced Cost
  • Early Fraud Detection
  • Effective monitoring & control
  • 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 the high level of efficiency accomplished through our system. The distinct
advantage we have over the competition is due to:

  • A better Return on Investment for financial institutions
  • The low cost of implementing total automation of reconciliation operations
  • A reduced total cost of ownership
  • Rich in functionalities, features & facilities, and easy to use & 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 & future needs
  • Completely parameter driven
  • Robust product support exceeding service level expectations