Reconciliation

Streamline and automate bank transaction processing with automated coding and categorization for faster month-end closing

The bank account reconciliation process can be time-consuming and very manual. Our solutions automate and streamline your reconciliation process by identifying and adding cash and contra postings and adding them to bank transactions. This allows you to significantly reduce the time and effort needed, as well as reduce your unallocated cash.​

Reconciliation
One tool for multiple systems and banks

Include different types of transactions from multiple source systems into one system to streamline and simplify transaction processing. With our solution, users no longer need to continuously switch between different systems or try to manage various processes for handling all the different types of transactions.​

One tool for multiple matching processes Our reconciliation solution is the only tool you need to handle different types of matching processes. The matching processes are defined based on your needs instead of your system’s terms. A shared process enables smooth collaboration between the different parts of your organization.​
Advanced data enrichment Increase the automation ratio of matching by enriching the transaction information. Inaccurate data is no longer an obstacle for efficient automation. Our solution enables you to enrich the transaction data from various sources and make it available in the matching process.​
Continuous improvement without coding skills

You can effortlessly increase the automation of your matching processes. The graphical user interface helps the user to create new automation rules without any programming or scripting. The efficiency of the processes is continuously monitored and the desired changes can easily be made by dragging and dropping elements.

Use guarantees as it suits your business Users complete the online application form which treasury processes and issues the guarantee. This makes the process quicker, simpler, and more efficient. Units can apply for bank and corporate guarantees from regional or global Trade Finance departments and follow the application process online. Authorization of guarantees can be controlled to a selected number of signatories.
Automate your cash accounting Automating your posting process enables you to minimize the mismatch between your general ledger cash and bank vs. the external bank account balance.
Flexible reporting Create entity and process-level reports that allow you to monitor performance.​

Solution Overview

Reconciliation features Reconciliation consists of the following features and the Platform features
  • Wide bank connectivity for fetching bank material​ - Our direct and SWIFT connections cover practically all banks and allow the fetching of bank material such as bank statements and other material with detailed information about incoming transactions.​
  • Automated import of open receivables​ - Our solution connects to multiple different source systems to fetch open items in any format.​
  • Automated coding of bank account transactions - The rule-based framework automatically identifies and categorizes your bank transactions.​
  • Automated Accounts Receivables matching - Our rule-based framework automatically matches and assists you in matching you opens items.​​
  • Assisted Accounts Receivables-matching with easy-to-adjust tolerances - Using adjustable tolerances eliminates the need to handle penny differences and increases automation possibilities flexibly.​
  • Easy rule management by end-users -With just a few clicks, the admin users can modify matching and posting rules without any coding and the changes will be immediately taken into effect.​
  • E-commerce reconciliation - You can match bank data by using payment reports, order system data, and Accounts Receivable data. ​
  • Lock-box reconciliation​ - Our solution supports using lockbox material to match open items. 
  • Balance reconciliation​ - You can reconcile balances by matching bank account statement balances to your General Ledger cash account balances. ​
  • KPIs and reports of the reconciliation processes​ - Use reporting and statistics to understand the current level of automation and set KPIs to follow up and measure performance.​
  • Guarantees support both a centralized model, in which business units apply to the treasury for guarantees and a decentralized model, in which business units report existing guarantees into the system
Platform features Platform features are always included in Reconciliation.
  • Microsoft Azure, Microsoft Gold Cloud Platform Our modern Cash Management platform is hosted in Azure and we have reached the Gold Cloud Platform competency within the Microsoft Partner Network.
  • ISAE 3402 TYPE 2 and SWIFT Certified Application (Cash Management for Corporates and CSP compliance) Security is a top priority when building and maintaining our Cash Management platform. The ISAE 3402 TYPE 2 and SWIFT CSP certifications are a testament of our high standards.
  • Bank connections with SWIFT Lite2 Business Application (FIN and FileAct)​ Our platform is the leading Lite 2 Business Application provider. In practice, this means that our customers can connect their BIC address to our platform for sending payments and receiving account statements between all SWIFT SCORE connected banks around the globe. ​
  • Host-to-host bank connectivity with SFTP, EBICS, WebService, and others By using different protocols, we can offer our customers an extensive portfolio of host-to-host bank connections to their core banks.
  • SOX-compliant user right and master data management With our advanced user management, you can truly enhance security and benefit from the four-eyes principle. All system events are logged within the application for further inspection.​
  • Single Sign On (SSO) and Multi-factor authentication (MFA) For increased access security when logging in to the application, end users can be identified with both Single Sign-On and Multi-factor authentication. ​
  • Separation of data and duties Our detailed user rights management makes it easy and flexible to set up user rights according to your organization's needs. Users can only see the data allowed by their user rights.​
  • Automated integrations (API, SFTP and WebServices) with monitoring— The Cash Management platform can integrate with any source system for secure and automatic imports and exports of data.​
  • Dynamic material conversion engine​ — We offer standard file formats but our powerful conversion-as-a-service offering gives you the freedom to connect your source system in any format. This will speed up implementation time and lower the integration costs.​
  • A full audit trail provides transparency​ — All events happening in the platform are logged. The main log is visible in the application for the users to have this right. ​
  • Dashboard functionality​ — Place your essential Liquidity Reports in a Dashboard for a quick access. Build Dashboards based on themes such as Cash Visibility, Forecasting, Forecasting Follow-up, and Working Capital. Balance Tracker gadgets will monitor your statement imports and the Unit Reporting gadget will let you know about the forecasting status of your subsidiaries.​
  • FX-rate imports​ — As a standard, FX-rates from ECB are available in the system. Alternatively, FX-rates from any source (such as your TMS) can be imported. ​
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