As firms navigate an ever-changing technology and regulatory landscape, it’s getting harder to manage reconciliation efficiently. Constrained by shrinking settlement cycles and growing transaction volumes, back-office operations are under massive pressure as reconciliation becomes more complex.
Spreadsheets may have served you well in the past, but the time has come for a more tailored and automated approach using powerful, intuitive technology.
Face facts: modernization will make a world of difference to key aspects of your reconciliation process.
GET READY TO MODERNIZE RECONCILIATION
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Data is fragmented across sources and managed with disconnected processes. Your team collects data from different systems and prepares it for reconciliation.
WITH
SPREADSHEETS
RECONCILIATION, COVERED
With more data to manage, manual processes can grow out of control, along with costs and errors – unless you put automation on your side. FIS® Data Integrity Manager provides a modern end-to-end platform for reconciliation and exception management.
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The right data is automatically loaded into our reconciliation solution using predefined repeatable, controlled processes. Data is automatically validated and enriched to improve quality.
WITH MODERN
TECH FROM FIS
Accuracy is critical, and inaccurate regulatory and financial reporting raises compliance risks. Automated reconciliation improves the quality of data. Any discrepancies are flagged as exceptions, allowing reconcilers to focus their time investigating those highlighted exceptions.
WITH MODERN
TECH FROM FIS
Spreadsheets are notoriously known for being susceptible to errors. Not only do spreadsheet errors lead to significant consequences if not corrected, but they also increase the risk for your organization.
WITH
SPREADSHEETS
Moving from spreadsheets to an automated solution gives your team visibility into all reconciliations in a centralized location. In addition, our model-driven approach to reconciliation ensures a standardized process configured and adapted to your requirements at ease.
WITH MODERN
TECH FROM FIS
Without pre-built functionality, you have to set up workbooks, create macros, and so on. In addition, as the spreadsheets are shared, broken logic can cause bottlenecks and errors in the reconciliation process.
WITH
SPREADSHEETS
The solution can be set up to authorize and log each action with robust user permissions and audit trails. You can add comments and attachments to support the reconciliation reviews and approvals.
WITH MODERN
TECH FROM FIS
There’s limited control over which users can review and approve results – and no proper audit log either. It’s like the Wild West, but on spreadsheets.
WITH
SPREADSHEETS
Visibility and control throughout the reconciliation process are essential. Obtaining real-time updates on the progress of reconciliation completion and exception management metrics gives your team a chance to correct any errors or bottlenecks before they result in greater consequences.
WITH MODERN
TECH FROM FIS
Spreadsheets lead to a need for both visibility and control throughout the reconciliation process. Poor transparency can lead to poor decision making and what’s worse? Poor exception management makes fraud more complex to detect and compliance challenging.
WITH
SPREADSHEETS
Our solution automatically reconciles low-risk accounts and flags high-risk accounts based on pre-defined rules. When exceptions are identified, reconcilers can then focus their time on high-risk accounts and investigate the discrepancies.
WITH MODERN
TECH FROM FIS
With spreadsheets, assessing risks associated with individual accounts is difficult. Instead of prioritizing higher risk reconciliations, the focus is spread equally across all reconciliation, which increases the chance of missed risks.
WITH
SPREADSHEETS
You have the day off – and you can spend the day offline, confident that your payments solution is handling everything, your team will spend the day focusing on important tasks – rather than manual payment interventions – and any decisions will be made based on accurate, real-time information.
With a centralized payments solution
You have the day off, but you get an urgent phone call – the team has discovered that the two payments processed yesterday afternoon were suspicious. You spend the morning on the laptop helping the team investigate.
Without a centralized payments solution
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DATA MANAGEMENT
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next day
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TRANSPARENCY
CONFIGURATION
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