During the fourth quarter of 2015, ReconArt will offer new capabilities directly from within the ReconArt™ Total Reconciliation Lifecycle™ solution to automatically source both bank and other account activity data needed for reconciliation. ReconArt’s new ReconArtConnect™ service will give users access to their transactional data at over 17,000 financial institutions and other service providers across the globe. By using this feature, customers will be able to benefit from retrieval of activity statements that will be available on an automated and scheduled basis or on-demand. Users will no longer have to log into multiple bank websites to download statements and massage them for use in the bank reconciliation process.
When coupled with ReconArt’s fully automated reconciliation solution platform, the entire process of data sourcing, transformation, mapping, matching and reconciliation can happen without user interaction. Only unmatched items will remain for investigation and resolution. The savings in staff time and the shift in focus to risk-centered activities is a significant boon to any operation whether large or small. By removing user actions in the data acquisition and incorporation process, the feature enhances security, control and integrity in the reconciliation flow. Furthermore, adoption of this integrated service may lead certain clients to significantly reduce their costs of having statements provided by their bank or banks.
This new ReconArtConnect™ service makes adding a bank account a simple, one-time process through ReconArt’s intuitive, self-service interface. As all the data comes into ReconArt’s system in a uniform format, business logic and analysis can be standardized against it.
While many organizations will benefit from accessing data related to bank accounts, the service will also include access to Credit Cards, PayPal and many other types of accounts.