Exponential growth in transaction volumes, increasing data complexity, changing regulatory landscape, pressure to reduce processing time. These are some key challenges that enterprises face in the transaction reconciliation process.
While the next-generation reconciliation offering is expected to address all of these needs, increasingly enterprises are also looking for more economic and operational value-adds, along with the core reconciliation offering. Infosys Transaction Reconciliation Platform delivers just that.
Platform Overview
Infosys Transaction Reconciliation Platform is highly comprehensive, providing end-to-end capabilities for managing the diverse reconciliation needs of an enterprise – right from source-loading to exception management and resolution. With its straight-through-processing capability, the platform provides exceptional flexibility, scalability and performance. Its robust architecture caters to the growing needs of enterprises for transaction reconciliation, without having to compromise on performance, further translating to significant reduction in cost and turnaround time. The platform architecture enables maximum automation as well as supports near real-time reconciliation.
Infosys Transaction Reconciliation Platform is applicable across industries and outside typical financial data reconciliations such as cash flows, Nostro/Vostro, stock, and depot. The versatile platform can be extended to handle complex reconciliation scenarios such as data integrity checks, post-migration in mergers and acquisitions (M&A) scenarios, reconciliation of online payments with credit card payments for retail outlets, account reconciliation for banks, and so on.
A Few Pre-Configured Scenarios
- Nostro/Vostro
- Stock/Depot
- Inter-System
- Corporate Actions
- Accounts Reconciliation
- Migration Scenarios (Data Migration, Post M&A)
- Payments & Receipts
- ATM Transactions
- Inter-Bank & Inter-Branch
- Payroll
- Bank Guarantees
- Check Reconciliation
- Brokerage, Fees & Commission
- Income, Tax Reclaims & Payments
- Sweep-In & Sweep-Out Transactions
Key Components
Key Benefits
Infosys Transaction Reconciliation is a comprehensive operations platform that enables enterprises to harness the power of process inclusivity to deliver best-in-class transaction matching and reconciliation functions. The industry-ready reconciliation modules, coupled with Infosys' unique multi-way matching algorithm and flexible commercial models, provide enterprises the speed and efficiency they need to manage their reconciliation programs.
Infosys' process-centric approach delivers measurable business value as below:
Process Inclusivity
- Single platform catering to enterprise-wide reconciliation needs
The platform can handle all reconciliation requirements of an enterprise right from source-loading to the resolution of identified reconciliation breaks – thus helping with seamless integration, identification and remediation. With its integrated alert and case management system, the platform enables business users to define workflows to assist with resolution and exception management. This further leads to an enhanced user experience as reconciliation evolves from a pure data matching function into value-added investigation and resolution management.
- End-to-end ownership
Infosys Transaction Reconciliation Platform provides clients the convenience of a single point of accountability by owning and executing the complete customer reconciliation processes – from infrastructure to technology to business operations.
Speed and Simplicity
- Faster time-to-market
With this comprehensive platform, the operations user can easily configure simple to complex reconciliation scenarios, using the intuitive configuration wizard, without having to depend on IT staff. The platform can be configured rapidly to address new and changing reconciliation requirements. The platform also allows for quick deployment and requires reduced customization.
- Reduced cycle time in handling complex business scenarios
For complex business scenarios that involve simultaneous reconciliation between multiple data sources, Infosys' unique multi-way matching can facilitate asynchronous reconciliation between potentially unlimited data sources, leading to significantly reduced cycle time.
- Optimized high volume transaction processing
The platform enables the customer to process high transaction volumes in a relatively short time, leveraging the innovative scale-out architecture and optimized core engine processes. An independent study certifies Infosys Transaction Reconciliation Platform as having one of the best performances in the industry by being able to reconcile more than 100 million transactions in less than 2 hours and 17 minutes.
Operational Efficiency
- Improved operational efficiency
The platform allows operational users to efficiently monitor, track, investigate, and fix discrepancies in the reconciliation process across multiple sources. The powerful management console includes a customizable and comprehensive dashboard, advanced operational tools, custom reporting capabilities and analytics, thus helping increase productivity and staff efficiency.
- Reduced total cost of ownership (TCO)
The platform comes with IT and operations services on a variable pay-as-you-use or a transaction-based pricing model. This results in substantial reduction in the TCO and helps convert capital expenditure into variable operational expenditure.
Related Reading
White Paper
Integrated Reconciliation in Mergers & Acquisitions