Industry
Solution
TCS BaNCS™
TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Highlights
- TCS BaNCS for Reconciliations is an intelligent, centralized, and scalable solution to manage financial reconciliations end-to-end, from loading to validating, matching, and reporting.
- Coupled with a powerful cognitive reconciliations engine, enhanced data pre-processing methods, custom reporting/dashboards, APIs for integration, mobility, and online archiving, the comprehensive solution caters to the ever-evolving requirements, ranging from standard industry to client-specific stipulations across cash, security (holding and settled trades), instruction, collateral, OTC derivatives, futures, claims, and accrual reconciliations.
- Available on-premise and on cloud, TCS BaNCS for Reconciliations is a complete BPaaS offering that can help you make the transition from a capex-based multi-tiered solution to a volume-driven opex one.
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In this article
Abstract
Reconciliations is a key control function for all enterprises enabling traceability, complete audit trails, and accountability for effective risk and compliance management.
Further, with the institutionalization of reconciliations operations, enterprises today require a robust and scalable reconciliations solution that can enhance processes, reduce costs, and deliver exceptional value.
Over the years, TCS BaNCS for Reconciliations has been emboldened and enriched with a powerful cognitive reconciliation engine, enhanced data pre-processing methods, custom reporting, and APIs, making it a comprehensive, scalable, and cost-effective solution.
Challenge
With intensive scrutiny of financial transactions worldwide, mounting pressures of cost cutting and limitations of outsourcing and legacy systems, it has become imperative for organizations to have a smart and scalable solution that ensures maximum speed, accuracy, and controls in reconciliations.
Over the years, TCS BaNCS for Reconciliations has been emboldened and enriched with a powerful cognitive reconciliations engine, enhanced data pre-processing methods, custom reporting/dashboards, APIs for integration, mobility and on-line archiving. Coupled with strong cognitive operations, change management, agile execution capabilities and intelligent automation, TCS BaNCS for Reconciliations is a comprehensive, scalable, robust, and cost-effective solution.
Solution
TCS BaNCS for Reconciliations, successfully installed at multiple sites worldwide, offers a robust and centralized solution to automate reconciliation lifecycle for all transaction types and financial instruments emanating from any line of business. With its add-on components, it offers enhanced scalability, facilitates self-service for a reconciliation setup, and helps reduce external dependencies and OpEx. It also facilitates exception and workflow management with in-memory, multi-way, and ML-based matching.
Benefits
- Up to 50% faster processes and rollouts with its ML rule-prediction engine, self-service, and agile and DevOps methodologies
- 99% straight-through processing (STP) for SWIFT-based reconciliations
- End-to-end automated reconciliation process eliminating manual touchpoints, driving synergy and standardization across processes, governances, reporting, and technologies.
- Delivers 25%-35% opex savings with multi-tenancy, seamless upgrades, and resource fungibility
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