Automated Reconciliation Software for Transaction Matching
- Operate at new levels of efficiency
- Automate routine and high volume scenarios
- Reduce time-to-complete windows
- Recapture and redirect team bandwidth
- Increase accuracy, decrease risk
Overview: ReconArt offers sophisticated capabilities to automate all aspects of the automated reconciliation lifecycle. These tools allow automated reconciliation teams to operate at a new level of efficiency – speeding and reducing effort while increasing accuracy. With our automation ability utilized, the team is free to focus on exception investigation and resolution thereby reducing risk.
Purpose: The goal of any reconciliation automation is not conducting the actions of reconciliation itself, but rather in the outcome and disposition from those actions. Traditionally great effort was expended to execute all the steps required of reconciliation in order to reach a determination of which accounts were wholesome and which contained exceptions. The ReconArt automated reconciliation solution allows organizations to harness the power of automation to conduct execution as efficiently as possible by accelerating disposition and quickly highlighting troublesome accounts and open items – reaching the goal of reconciliation as soon as possible; freeing the team to manage risk and report outcomes.
- Multiple data sources. Data required for reconciliation is sourced from multiple different sources in different formats. Data is inconsistent and requires manipulation and/or enrichment.
- Matching business logic. Ability to logically tie, group or match items from data sets is complex and given over to people with unique skills and requiring significant effort and difficult tools to operate.
- Allocation of status/disposition. Open items requiring follow-up and coordination are handled in inconsistent and unstructured ways with little insight into work progress or resolution– such as via email.
- Integration of outcomes. Outcomes and determinations not easily fed into reporting streams or into other systems.
Automation Software Solution Capabilities:
- Scheduling. A core element of the automation framework is our ability to schedule activities and actions. This is accomplished in our easy-to-use calendar-like interface.
- Data import, transformation & enrichment. Our in-built data on-boarding capabilities can automate data import, mapping, transformation and enrichment. An intuitive drag-and-drop interface is used to facilitate this setup. This is part of our Integration module.
- Execution of complex business rules for matching. Complex, any-to-any matching rules configured in our Excel-like interface and executed in our Matching Engine can be automated for execution.
- Allocation of codes for automated reconciliation status or disposition. Business logic used to allocate codes and status for disposition can be automatically executed and associated items updated.
- Exception identification. Items can automatically be flagged as exceptions and allocated to team members or groups for follow-up in with our Exceptions Management capability.
- Notifications and prompts. Notifications and alerts can be triggered to give insight, engage team members and progress workflows.
- Data Extraction. The corollary of our automated data on-boarding capability exists. Data can be automated for extraction, transformation and delivery utilizing our Integration module.
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