Intensive scrutiny into financial transactions worldwide is pushing organizations to move away from traditional reconciliations processes. This creates the need to implement centralized systems that are transparent, ensuring strong controls and high performance. Organizations are now adopting zero-code reconciliations and exception management applications hosted on the cloud and outsourcing operations to experts. They are grappling with the possibility of leveraging technology to read non-standardized data without strict business rules that can drastically improve time to market and reduce expenses.
TCS BaNCS for Reconciliations is a global industry standard solution that is successfully running in multiple organizations, performing cash, securities position and inter-system reconciliations. It manages the end-to-end reconciliations process from loading to validating, matching and reporting as per the requirements of an organization.
The solution can match transactions emanating from any line of business giving it a unique position in the industry. It is a strategic solution for enterprise-wide reconciliations needs of any organization as it scales horizontally and vertically.
- More than 70% transactions are automatically matched off in each run with a high configurable rules engine
- Sets up workflows that follow either of 2/4 or 6 eye approvals and also records all the audit trails online
- The application UI supports the configuration of new reconciliations, add/modify rules, generate reports
- Suggests possible matches with significant accuracy in much lesser time
- Provides its own set of dashboards, widgets and reports that cater to various segments of users
- Facilitates flexible user creations and grouping capability, coupled with the work allocation hierarchy setup