Ascent AutoRecon© complies to the regulations of countries like UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya and Malaysia among others is an absolute automated solution, in terms of providing an end-to-end reconciliation solution for closing all complex Nostro Vostro transactions.
Most of the banks receive Nostro account statements through SWIFT MT940 and MT950. Banks without SWIFT get a soft copy of the statement either by email or a hard copy delivered from the local branch of the correspondent bank.
Banks have to maintain the replica of Nostro account statements in their internal books and manually reconciling these accounts could be troublesome. Nostro Reconciliation Software is beneficial to banks in such scenarios.
Unidentified funds is a common scenario for Nostro reconciliation, where banks make payment to incorrect beneficiary. When banks fail in returning the money, it will attract charges or interest for usage of funds.
Similarly, banks have to ensure that their inter bank cash flows from FX Spot, FX Forward, FX Swaps, borrowings, placements, derivative trades and merchant flows like foreign bills purchased/realized, foreign inward/outward remittances etc. are received and paid appropriately.
Ascent banking reconciliation software is designed to resolve the above mentioned settlement issues of Nostro & Vostro accounts, it is different from other softwares because of the following process:
Streamlining Nostro Reconciliation Process Real Time