Case Study - How MIDFLORIDA Credit Union modernized enterprise-wide reconciliations in strategic leap

Organization profile: an established, member-owned financial institution in Florida, USA

MIDFLORIDA Credit Union is a state-chartered, member-owned financial cooperative headquartered in Lakeland, Florida. Founded in 1954, it serves nearly half a million members across most counties in Florida, offering a full suite of personal and business banking services. With over $8 billion in assets and 66 branches, MIDFLORIDA ranks among the largest credit unions in the state. Its members benefit from a personalized, face-to-face service experience that leverages technology without compromising the human connection.

Manual reconciliation and audit challenges in MIDFLORIDA’s financial close management

MIDFLORIDA’s accounting department was highly motivated to better manage their growing volume of reconciliation work across various financial processes. Like many institutions of this size, the team’s reconciliation activities varied in frequency depending on requirements – daily, weekly, and bi-weekly, with monthly closures on key balance sheet accounts. Complex transaction-based processes and period-end account review and approval workflows were starting to create bottlenecks in cross-departmental collaboration. The team relied heavily on manual and spreadsheet-based tools, which limited their ability to scale. Meeting and exceeding auditor recommendations for best-practice controls and transparency was also a top priority for the team.

Key pain points included limited capabilities for enterprise-grade transaction matching, lack of visibility into aging items, and insufficient granularity of the audit trail. The existing accounting system, Prologue by Fiserv, while robust, lacked the integrated reconciliation features sought by the team. It required a solution that could automate daily matching across multiple processes (e.g., Federal Reserve, debit and credit card transactions), enhance reporting, and support journal entry exports to Prologue.

Choosing an integrated reconciliation solution for GL certification and diverse transaction matching scenarios

ReconArt was selected to address MIDFLORIDA’s reconciliation goals through its comprehensive automation and control capabilities. The implementation was conducted in-house, with initial focus on period-end GL account certification and a core matching process – Federal Reserve account reconciliations matching GL accounts against Fed FIRD files and Fed settlement summaries. Additional reconciliation configurations encompassed ACH, checks, ATM, prepaids, fixed asset, suspense & clearing accounts.

ReconArt’s matching engine was configured with rule sets tailored to each account, enabling nuanced logic and automated transaction matching. The platform’s support for diverse file formats (CSV, TXT, PDF converted to Excel) ensured seamless integration with MIDFLORIDA’s internal and external data sources.
The solution’s certification module enabled frictionless navigation of overlapping deadlines, responsibilities, and operational dependencies with streamlined management of the preparer-approver workflows. Additionally, ReconArt’s automated handling of zero-activity accounts eliminated manual effort and reducing time spent on month-end close.

The solution also introduced scheduled matching and export functionalities, enabling parallel processing and synchronization with Prologue. Email notifications and editable transaction-level notes enhanced team collaboration and audit trail integrity. The centralized platform consolidated workflows, account histories, and supporting documentation in a secure environment, aligning with auditor expectations and internal control requirements.

Streamlined reconciliation and time savings achieved with ReconArt at MIDFLORIDA Credit Union

“We want to do reconciliations in a professional way”, our client requires and ReconArt delivers.

Since selecting ReconArt as a partner and implementing the solution in 2025, MIDFLORIDA Credit Union has realized significant operational improvements. The automation of previously manual tasks has streamlined reconciliation workflows, reduced processing times, and improved accuracy across financial close activities. The system’s robust certification and matching capabilities have empowered the accounting team to shift focus from routine tasks to strategic, value-added activities.

ReconArt’s enterprise-grade reconciliation solution is on track to deliver consistent and transparent outcomes, supporting MIDFLORIDA’s growth and compliance objectives. The cumulative impact of incremental enhancements—ranging from improved reporting to better exception management—has translated into substantial time savings and increased efficiency for the accounting department.