Reconciliation for Wires & ACH

Key Benefits

  • Automatically import GL feeds, bank statements and ACH reports
  • Streamline matching of ACH remittance information (invoice numbers, SKU
    numbers, adjustment information etc.)
  • Identify and resolve unauthorized or erroneous transactions
  • Generate accurate, real-time reports on reconciled and outstanding electronic transfers

 

Overview: Reconciliation of electronic funds transfers is performed by comparing and matching all bank statement and ACH batch activity to your internal general ledger system. A reliable reconciliation process will mitigate operational risk, ensure the accuracy of all electronic payments and allow for timely investigation of any outstanding items.

Purpose & Challenges: Manually reconciling electronic funds activity by bringing together multiple internal and external formats is time consuming and often an error-prone activity. In addition, lump amounts produced by ACH batches are difficult to reconcile, due to lacking ACH batch information to match back to the individual transactions. Your organization can leverage ReconArt™ to reconcile high volumes of transactional data as frequently as your business needs demand.

Challenges:

  • With data coming in from multiple sources and in various formats, much time is spent manually downloading, arranging and comparing it in spreadsheets. Business users are powerless to improve the process.
  • Some matching is straightforward – perhaps just on a few columns in a one-to-one relationship. However, the moment things get even slightly more complicated in terms of matching logic or relationship, manual processes and many legacy products fall short to meet the needs of the business.
  • Error-prone and time-consuming manual reconciliation leaves the business exposed to potentially risky situations. Business users are unable to get quick identification of fraudulent activity, other exceptions, or client-specific issues. In turn, management has no visibility into the process, which is neither secure nor audit-able.

 

Solutions:

  • Business users can easily map, enrich and automate all bank statements, ACH files and internal data feeds by leveraging ReconArt’s standard Integration and Automation functionality. Industry-standard file formats are available out-of-the-box, and not only the import of data, but its cleanup and enrichment, can be easily automated.
  • Easy-to-use, yet potentially complex and powerful match rules can be predefined and managed by the reconcilers themselves, streamlining the comparison of wire transfer reference, ACH remittance information, and internal records as needed by the business.
  • Exception Management of items such as rejections, duplicates, reversals and suspicious transactions are automatically identified and forwarded to the appropriate person or team for review. Management staff will acquire full visibility over all reconciliation activities through established workflows and library of standard reports within the solution. An audit trail of all individual transactions is securely stored for future reference.

 

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