Infosys launches solution to Automate and Simplify Bank Transaction Reconciliation Process
ITRS is a unified solution that helps banks automate and centralize their reconciliation across multiple channels, reduces costs by offering simple, easy-to-use tool for bank employees to perform reconciliation tasks and functions. With automation and optimization, the solution helps reduce the need for manual interaction and increases performance through auto-matching & straight through processing
In a dynamically changing regulatory environment, with acts such as Dodd Frank, EMIR and Basel III, the need for a simple solution to meet changing reconciliation and reporting needs is accelerating. With global spend on reconciliation expected to reach $1.27 billion by 20171, banks are increasingly looking for automated solutions. A unified reconciliation solution such as ITRS helps banks efficiently while meeting the regulatory needs.
Mohit Joshi, Executive Vice President and Head of Financial Services, Infosys, said: “A well-planned reconciliation helps banks reduce risks emanating from disparate systems and processes or manual interventions. Lack of a centralized, automated system could lead to expensive rework of reports and delays in account settlement. ITRS draws on our extensive experience of serving the evolving technology needs of global banks”.
Solution highlights:
• Easy to operate and supports 14 different types of data-feed formats including Payment & SWIFT messages, FIX – Trade confirmation, Databases, Check Images, Flat files, Mainframe files and XMLs
• Seamlessly reconciles and processes data from multiple channels including ATM, derivative, payment, clearing-settling and other reporting functions
• Capable of processing up to 50 million transactions per hour and reduces 15 to 50 percent of time taken to on-board reconciliation tasks
• Can drive 20 to 80 percent of rules-optimization process, resulting in improved performance. Also helps increase the percentage of matches in transaction data by five to10 percent, thereby reducing the need for manual intervention
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