Our client is one of the largest custodian banks that relies on accurate reporting within a dynamic regulatory environment that differs from country to country. This institution receives daily stock market data from two independent sources but was unable to generate reliable reports to be delivered to the top management for month- and year-end reviews.
The data extracted from the stock market reports was often inconsistent, duplicative, and unreliable due to the capacity limitations of the legacy reconciliation system. In addition, the company's legacy software was neither optimized to meet new regulatory requirements nor able to reconcile data in real time. The reconciliations had become very time-consuming, requiring staff to spend more than 20% of their working hours collecting and rechecking data.
In the tight collaboration with our client’s business team, Sprinterra designed and implemented a straightforward and transparent approach to automate reconciliation. The solution - an innovative analytic reconciliation and reporting system with added business intelligence functionality - is scalable and user-friendly. The new platform gathers data from various sources, validates it, and allocates transactions to relevant categories for reconciliation. Sprinterra’s solution automatically matches transactions based on preset rules and generates reports for the team with embedded workflow capabilities to capture review and sign-off. New system also leverages governance capabilities, allowing team leaders to control access.
Our client can now reconcile data up to 5 times faster and spends minutes instead of hours each day to complete the tasks.
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