Transaction volumes on e-Banking channels are exponentially rising every day and banks are being increasingly burdened with settlement of transactions that are valid and identifying illegitimate transactions or exceptions. Delays in reconciling transactions lead to additional time; cost and risk. Unruly backlogs, control failures and financial loss will be frequent. Given increasing regulatory scrutiny and stringent auditing standards, none can afford to slip.
TPS diversified range of e-Banking and e-Payment products portfolio include ‘Recon’ – a generic reconciliation solution. Recon empowers the bank to easily and effectively track the flow of funds. Recon is a transaction based financial governance solution designed to handle reconciliations in any high volume environment, especially where there is a complex requirement to manage multiple data sources and a need for sophisticated matching algorithms across multiple data fields.
The Recon solution offers many powerful features:
Streamline your reconciliations Recon System provides an easy way to automate the reconciliation process and purge most errors.
Smart and intuitive interface Recon solution empowers the user with a user interface that is well within the grasp of a finance specialist, without seeking assistance form a IT specialist.
Decrease Cost, Increases Efficiency Recon system is designed for enhanced reconciliation to help increase efficiency and productivity, decrease operational risk, reduce write-offs, and enhance controls and compliance so that you can focus on your core business.
Turn raw data into valuable decision-support information Recon’s History Viewer provides synopsis of each reconciliation cycle as well as transaction level details. The powerful reporting tool enables the banks to compare key performance
metrics, hence optimizing processes and financial relationships to reduce costs and increase performance.
Do not explore, resolve your exceptions Recon frees up the accounting staff to focus only on a few exceptions that remain thus increasing productivity and focusing on other critical tasks and potentially fraud items. With Recon Solution, your staff can do more in less time and focus on resolving exceptions, not discovering them.
Shrewd Business Sense Increasing successful reconciliations from existing through targeted percentage or more on millions of transactions translates into massive savings in time and effort. Best practice controls and workflow reduce the risk of error, improve recoverability of old balances, and through appropriate automation reduce the pressure on hard pressed finance functions.
