Infosys, a global leader in consulting, technology and outsourcing solutions, today, announced the launch of the
Infosys Transaction Reconciliation Solution (ITRS). ITRS is a unified solution that helps banks automate and centralize their reconciliation across multiple channels, reduces costs by offering simple, easy-to-use tool for bank employees to perform reconciliation tasks and functions. With automation and optimization, the solution helps reduce the need for manual interaction and increases performance through auto-matching & straight through processing.
In a dynamically changing regulatory environment, with acts such as Dodd Frank, EMIR and Basel III, the need for a simple solution to meet changing reconciliation and reporting needs is accelerating. With global spend on reconciliation expected to reach $1.27 billion by 20171, banks are increasingly looking for automated solutions. A unified reconciliation solution such as ITRS helps banks efficiently while meeting the regulatory needs.
- Easy to operate and supports 14 different types of data-feed formats including Payment & SWIFT messages, FIX – Trade confirmation, Databases, Check Images, Flat files, Mainframe files and XMLs
- Seamlessly reconciles and processes data from multiple channels including ATM, derivative, payment, clearing-settling and other reporting functions
- Capable of processing up to 50 million transactions per hour and reduces 15 to 50 percent of time taken to on-board reconciliation tasks
- Can drive 20 to 80 percent of rules-optimization process, resulting in improved performance. Also helps increase the percentage of matches in transaction data by five to10 percent, thereby reducing the need for manual intervention
Mohit Joshi, Executive Vice President and Head of Financial Services, Infosys
“A well-planned reconciliation helps banks reduce risks emanating from disparate systems and processes or manual interventions. Lack of a centralized, automated system could lead to expensive rework of reports and delays in account settlement. ITRS draws on our extensive experience of serving the evolving technology needs of global banks”.
1 REFERENCE -
Aite Group ‘Reconciliation Technology Solutions in 2014: Recs Get Ready to Rumble’ report
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
www.infosys.com to see how Infosys (NYSE: INFY), with US$8.25billion in annual revenues and 160,000+ employees, is Building Tomorrow's Enterprise® today.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and on Form 6-K for the quarter ended June 30, 2014. These filings are available at
www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.