FIS has launched its Optimised Reconciliation Service, a managed solution designed to automate the reconciliation process for banks, corporations and financial institutions.
Reconciliation, the comparison of internal records with external data from banks and brokers, is a vital function in capital markets to ensure accuracy and consistency across counterparties. The new service aims to improve efficiency, reduce manual errors and deliver more reliable data for decision-making.
Using automation technology, FIS’ Optimised Reconciliation Service aims to unlock efficiency and reduce errors in this process, ultimately helping organisations bring harmony to processes used to manage their money at work.
“Timely, accurate data – and the insights capital markets participants can extract from it – are essential to modern capital markets firms’ success,” said Matt Stauffer, head of back office solutions at FIS.
“However, many firms are still struggling to manage the exponential growth of data volume and complexity at a time when evolving regulatory requirements are further complicating manual reconciliation processes. With the launch of this solution, we’re helping clients evolve beyond laborious, error-prone systems by providing an efficient solution designed to allow them to run on accurate, fast and trusted reporting data.”
Elevating a service
FIS’ latest research initiative, which surveyed 1,000+ C-suite executives and business leaders, found that the average business loses $98.5million annually on operational inefficiencies, illustrating the importance of airtight data, recordkeeping and reporting workflows in today’s digitised economies.
The solution seeks to achieve at least 98% automated matching rates backed by financial service level agreements (SLAs) and aims to significantly cut down the average time spent on discrepancy resolution. Optimised Reconciliation Service is also positioned to be adaptable, illustrating FIS’ ability to modernise clients’ operations while also driving greater efficiency to address challenges before they impact performance.
As the latest example of FIS innovation, the Optimised Reconciliation Service is the fifth capital markets solution FIS has launched within the last 12 months to help bring greater harmony to the world’s money lifecycle.
