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RECONCILIATION, COVERED
Change keeps coming.
How do you keep growing?
Financial institutions, insurers, fintechs, merchants… no matter your sector, you’re facing a great deal of change from shrinking settlement cycles to growing transaction volumes and heightened regulation. It’s no secret that reconciliation operations must maintain a high pace of change to keep up. On the one hand, firms must improve their speed to market to compete and grow. But on the other hand, they must keep costs and risks to a minimum.
%
Capgemini – World Insurance Report 2021
Digitize your data integrity
Empower your back office
Do more for your clients
0
of insurance companies plan to make digital enhancements
companies around the world
Working with
of the world's largest banks
%
including
countries
in
400
80
70
The past decade has seen significant, ongoing increases in data flows and data creation and an industry drive to take advantage of all that information through analytics. These pressures have raised the reconciliation and data integrity profile and made them integral to any modern data strategy. So, what stops reconciliation practices from matching up?
Reconciliation turned upside down
No matter how well you define them at the outset, automated matching rules naturally degrade over time through changes to systems, accounts and operational practices. And the more that initial auto-match rates decline, the more “false” breaks you must manually review and match – rather than process automatically.
Degradation
With time, efficiency and accuracy so vital, who needs complex systems and processes? Before you even start reconciling, data from multiple systems shouldn’t take as long to gather, standardize and deliver. Plus, reconciliation solutions must be easy to master, letting you complete tasks and interact with results in as few clicks as possible.
Convolution
When your data integrity processes differ between business lines, you rely on the experts who know them best. That wastes skilled resources and makes it harder to scale and support growth. Therefore, you want a way to manage different reconciliation types with less complication, confusion and administrative burden.
Variation
Multiple reconciliation solutions or versions of the same solution. Different teams and regions trying to solve the same problem. Many processes are stuck in spreadsheets. Limited budgets or resources may be to blame, but these classic signs of fragmentation stand in the way of automation, regulatory compliance and operational control.
Fragmentation
Handle different reconciliation types in the same, recognizable way with our innovative reconciliation models. Models let you easily and consistently define the building blocks of each process, from approval levels to matching logic. You’ll find the common standards simple to update, deploy and track and keep auditors happier, too.
Build common processes fast
With less complexity and technology to manage, get more agility to adapt and grow.
Keep reconciliation simple
Outsourcing reconciliation to FIS with a fully managed approach allows you to focus more on your key business objectives and growth. The fundamental aim of our managed reconciliation service is to run your reconciliation solution on your behalf.
Leave as much as you like to our experts
With a sleek, user-friendly interface that’s easy to get around, FIS Data Integrity Manager is fast, intuitive and a pleasure to work with. It performs account-level balance and transaction proofing at high speed, while an integrated workflow engine seamlessly automates review, approval, exception management and escalation processes.
Taking reconciliation to the cloud, takes expertise. To get the most from technology – today, tomorrow and throughout your business – you need a bold technology partner.
Love your reconciliation system
Use our virtual reconciler to reduce or eradicate unnecessary manual matching. Powered by machine learning, a branch of AI, the virtual reconciler will pick up how your human reconcilers manually match items and then predict how they would act in a range of scenarios.
Raise auto-match rates with AI
Get the best from automation, free up your talented teams and reignite their interest in reconciliation.
Make reconciliation smart
Increase automation for more efficient operations
FIS has you covered
Whatever your size or type of firm, we can help you:
By transforming your reconciliation technology to today’s digital standard, FIS can make sure you adjust to the demands of tomorrow.
We’re the world’s #1 fintech provider, already working with 12 of the top 20 global banks. We’ve done it before. We’ve done it for others. We can do it with you.
We’ll never stop advancing reconciliation technology. Find out how we can help advance your back office as well.
Get in touch
Jump on board with us and start experiencing the benefits of FIS Data Integrity Manager.
We’re here to help.
Cash
Explore FIS Data Integrity Manager
Stay on top of cash balances with end-to-end automation.
Greater overall control alongside reduced fees, penalties and operational risks and costs.
payout
FIS Data Integrity Manager for reconciliation of central bank, nostro, general ledger, suspense, internal and branch accounts allows you to take a simple, smart and reliable approach to reconciling cash accounts. We automate the collection and validation of real-time, intraday and end-of-day data, so you can rely on a true picture of cash movements and account balances.
solution
The cash you hold is key to funding foreign currency transactions, settling trades and optimizing working capital and long-term liquidity. If you can’t deliver an accurate, timely view of cash positions, you can’t reliably meet settlement deadlines, make optimal use of surplus funds, maximize operational efficiency or achieve regulatory compliance. But complex message formats, real-time settlement, a steady stream of discrepancies and limited transactional identifiers make cash reconciliation processes hard to manage.
Challenge
Cash
Securities
Transform post-trade reconciliation with a single multi-asset solution.
Drive down costs and risk, and get an instant snapshot of positions, transactions and cash in a single view.
payout
FIS Data Integrity Manager for securities reconciliations allows you to take a simple, smart and reliable approach to validate positions, transactions and cash, including exception management in a single process, improving interdepartmental collaboration and redundant work. Plus, we unify data from accounting systems and third-party data sources and remove the complexity from integration, aggregation and validation.
solution
As trade volumes, settlement cycles shrink and the complexity of investment strategies increase, firms find themselves taking unnecessary operational risks across the reconciliation process. This leaves many firms burdened with inefficient processes and constraints around scalability. The problem further intensifies as firms need to demonstrate stricter control under regional directives and statutory obligations.
Challenge
Securities
Drive trade accuracy with automated data integrity.
Whether you need to match foreign exchange, money market funds, precious metal or over-the-counter derivatives and commodities, rely on the FIS confirmation matching service for a faster time to market.
payout
FIS Data Integrity Manager for confirmation matching provides a fully hosted and managed service. Quick identification of trade errors reduces market exposure, while automation of manual processes minimizes operational costs and associated risks. With pre-built connectivity and packaged templates for archives and active data, you can migrate seamlessly to the solution from your existing platform.
solution
As an important and time-critical part of managing trade execution and settlement, confirmation matching is prone to error – especially when you handle it manually. Therefore, to reduce operational and market risk, the pressure is on to identify and resolve discrepancies in trade bookings.
Challenge
Trade confirmations
Trade Confirmations
Payments
Make payment integrity pay off.
Monitor and analyze activity across payment providers and types – and take corrective actions when identifying risks and inefficiencies.
payout
FIS Data Integrity Manager for payment reconciliations allows you to holistically validate net settlement across different payment networks. From authorization to clearing and settlement, you get comprehensive control by reconciling transactions at every stage in the payment life cycle.
solution
The payment industry is constantly evolving to offer new products and services. Whether it’s a card, digital wallet or buy-now-pay-later, the volume of card activity continues to increase. So, the timely validation of transactions is even more critical to managing risk, reducing costs and meeting customer service expectations.
Challenge
Payments
Digital Assets
Keep up with the rapidly changing asset reconciliation needs.
Control digital data to stay ahead of regulation.
payout
FIS Data Integrity Manager for digital asset reconciliations allows you to quickly respond to rapidly growing and changing reconciliation needs. You get consolidated controls for both fiat and crypto across multiple banks, custodians, chains and wallets on a single platform.
solution
2023 is not the end of the crypto boom – it’s just a chance to catch up for those who started slow. As digitalization continues to transform the industry, clearing and settlement will grow to handle the traditional securities of today and digital assets of tomorrow.
Challenge
Digital assets
Payment Investigations
Drive accurate payments and timely settlement.
Process payment failures and inquiries with new efficiency and cost-effectiveness.
payout
FIS Payment Investigation Manager increases straight-through processing (STP) by automating complex and knowledge-intensive payment investigation processes. Combining case management and integrated research capabilities with your best practices improves customer service and generates revenue through efficient compensation claim and fee processing.
solution
Payment investigations remains one of the most manual activities in the back office. To compound the challenge, the global payment landscape is changing. While more countries are introducing faster payment schemes, traditional payment processing faces regulatory and cost pressures. So, it’s more critical than ever that you have confidence in your ability to settle payments rapidly and accurately.
Challenge
Payment investigations
Financial Close
Close with speed. Close with confidence.
Drive efficiency with a single, integrated, highly automated solution for account reconciliation, transaction matching, task management and journal entry.
payout
FIS Financial Close Manager provides the solution with a single platform that seamlessly automates and controls the whole financial close. You can capture all the information and documentation you need to certify general ledger
account balances for the close period – and streamline your close while showing consistent levels of control.
solution
You need to regularly prove that your accounts are complete and accurate. But producing a comprehensive, fully certified set of books and records can be challenging, especially if you manage it with spreadsheets or disparate solutions. With no clear overview of status, there are more opportunities for errors and these carry significant risk and penalties.
Challenge
Financial close
Day in, day out, reconciliation operations take a lot of work. There is collecting and aggregating data for reconciliation from multiple solutions can quickly become a burden. Plus, on retrieval, data will be in a variety of formats, which must then be translated, ready for automated matching, proofing and exception processing. It’s a lot to manage and the costs and risks soon add up. What if you didn’t have to do it all yourself?
Now you don’t. With managed reconciliation services from FIS, you can outsource as much of the reconciliation process as you need but still stay in control. Sticking to pre-agreed service level agreements, we provides complete, end-to-end assurance around the production and delivery of your reconciliations – way beyond the scope of traditional hosted or SaaS offerings.
Modernize reconciliation and manage the growing volumes of data with a robust solution, backed by global, cross-functional expertise.
With innovative technology and services, we empower people and processes across the reconciliation process: from data aggregation to exception management and analytics.
Increase automation for more efficient operations
Ensure accuracy and timeliness of regulatory and financial reporting
Drive sound funding and operational decision making
Maintain or improve reputation via controls and straight-through processing
Improve your firm’s agility and productivity with cloud-based managed services
Reduce your costs and transform your business
Your reconciliation operations, covered
