In today’s digital age, as financial services firms increasingly deal with massive amount of data, it is imperative to have tight control and a seamless data flow across the organization. This combined with the regulatory initiatives, market and competitive pressures, demands greater operational efficiency and visibility, while reducing operational risk. Though organizations have started focusing on reconciliation and are investing in relevant technology, they continue to grapple with issues like –
- Multiple reconciliation systems and silos of applications
- Lack of seamless flow of data from departments
- Large amount of manual interventions leading to weaker data control and vulnerable security
- Inability to manage higher transaction volumes and lower cost structure/headcount
- Need for exception management and detailed reporting
- Weak audit trail leading to lesser visibility into reconciliation data changes
Infosys Transaction Reconciliation System (ITRS) provides full set of reconciliation capabilities and helps financial services firms to meet their imperatives. Its functional components provide adequate and strong control points allowing greater visibility into transaction and exception handling processes.
ITRS is data-agnostic and is designed to facilitate quick and easy configuration of reconciliation jobs with minimal IT intervention. The system is highly comprehensive and delivers end-to-end capabilities for managing the diverse reconciliation needs of an enterprise.