QuickReco Tool^TM - It’s Time To Automate

The Private Life Insurance Company reconciles multiple accounts and multiple products across 85 processes and over 200 data files for Banks-Vendor-Receipt Reconciliation every day. The processes include Internet Banking, Cash Management (CMS), Central Collection, Credit Card Mandate and Wallets.

Challenge:
Reconciling 15000 transactions, managing a large number of bank accounts, and different file formats from various vendors on a daily basis was posing a big challenge for the Accounts Team.

Solution:
QuickReco Tool enabled end-to-end automation including:

• Auto Downloading of Bank and Transaction Files from customized IBM Notes Mailbox.
• Auto-upload and Auto-Reconciliation of all Bank and Vendor Files.
• Generating various Reports required for SAP ERP Input.

The NBFC has 16 processes and 53 files for Bank Reconciliation through various channels viz. Payment Gateways, Wallets, Net Banking, UPI, Kiosks, ATMs, Bank Cheques, Credit Cards and Prepaid Ccards. The processes include Collection, CMS, Direct Debit, E-Collection, Processing Fees and Disbursement.

Challenge:
High manual effort spent on Reconciliation, unacceptably high Turn Around Time (TAT) for issues, high dependency on skilled team members with a big learning curve for newer team members to acquire the ability to start delivering, low detection of payment issues and resultant high processing expenses.

Managing Complex Reconciliation Rules, Reconciling between numerous Data Files and Bank Statements, generating Open Entries and Bank Reconciliation Summary (BRS) Reports was a repetitive, time-consuming and tedious task performed on a daily basis.

Solution:
QuickReco Tool helped automate the Bank Reconciliation process. This included the following:

• Bank Reconciliation with 2-levels of Reconciliation; Bank Statements with Liquidation, E-Collection, Direct Debit etc., and a Final Reconciliation with the Accounting data.
• Handling exceptions in case of an amount mismatch at the 1st Level Reconciliation and flagging them to the user.
• Managing duplicate data for ledger transactions.
• Reports like Open Entries, Matched & BRS Reports are downloaded or auto-emailed to the Management.
• Manual Reconciliation via Screen and Microsoft Excel® feature is used for handling contra entries.
  
  The solution provided by QuickReco Tool has resulted into an Integrated solution for all Reconciliation, Reporting and Analytics needs.
  
  The Reconciliation process has been streamlined and the overall efficiency has improved substantially.

The Logistics company provides global courier delivery services and performs reconciliation for different processes like Cash-On-Delivery (COD), Wallets etc.

Challenge:
The primary challenge faced by the Team was Reconciliation based on the Amount of Remittance cases where a consolidated amount was captured in the Ledger whereas the Bank Statements had individual transactions. Moreover these transactions had no matching parameters for identification. The Team was spending a lot of effort in reconciling such transactions with the Ledger.

The second challenge was processing a large volume of transactions for COD & Wallet collections. These processes had multiple vendor files and around 50000 to 60000 records within each file.

Solution:
QuickReco Tool addressed the issue related to complex matching without an identifier via its Verify & Reconcile feature where the user is presented with all possible transaction matches based on the Amount. The transactions are then verified and accepted as reconciled by the user.

The second issue of large transaction Volume is inherently handled by the Tool. This has helped in substantially reducing the processing and response time. Daily multi-location collections, through cash and card, net of any returns and reconciling them with accounting and customer records has minimized User Stress.