built on Next Gen Technology, providing an end-to-end enterprise-wide scalable solutions for complex transactions and exception handling cases available in UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya and Malaysia.
Account reconciliation involves data extraction, validation, verification and matching the internal books with final statements. As per ancient accounting methodology, finance departments manually compared these two books word by word, spending long hollow hours. Even today, there are many firms who follow this tedious and error-prone processes.
Later, spreadsheets and internal tools replaced this time consuming bank reconciliations. However, there is a high deficiency of reconciliation accuracy and data integrity, due to manual errors, high risk, fraud, non-compliance and high level of obscurity. This lengthy methodology often end up in forcible write-offs, improper closings and delayed settlements.
In addition to manual reconciliation concerns, the mode of payments, transaction practices from any bank, foreign accounts and huge volumes of transactions are giving a tough time for banks to reconcile their ledger with multiple Bank Reconciliation statements.
Practically, the financial certainty of a bank or any other firm is directly proportional to accurate bank reconciliation. Any mismatch would lead to surprising revenue leakages and operational uncertainty.
In this scenario, aiming for higher levels of Straight Through Processing amidst existing silos and complacency will only be a daydream forever. Now, the need of the hour is to look for dynamic, yet simple automated solutions.
Impressively, IT spending on an automated solution for bank reconciliation is expected to reach US $ 1.27 billion by 2017. In this, the majority of growth is in Asia Pacific banks, followed by North America and Europe.
Ascent Banking Reconciliation Software is designed to offer the highest level of automation, featuring multiple match rules, rules driven by exception processing and automated follow-ups to eliminate unnecessary manual effort and reduce errors, risk and exposure.
It ensures revenue assurance through a streamlined Straight Through Processing and role based access work flow.
Ascent AutoRecon© is a SaaS level 3 maturity application, hence supports multi tenancy/ institutional Deployment.
It can be implemented centrally at a Group/ Head Office Level and web based access can be given to various other locations thereby effectively managing the tool through a shared service model within UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya and Malaysia.