Fintech Fis launched an improved reconciliation service, a fully managed solution designed to automate the reconciliation process for banks, companies and financial institutions operating in the capital markets.
Reconciliation plays a decisive role in ensuring the accuracy of records across internal systems and external parties such as banks and brokers.
FIS said its new service aims to improve efficiency, reduce errors and provide more consistency to the rear office operations.
“At the right time, the exact data – Insights Capital Markets that participants can extract from – is necessary for the success of modern capital markets,” said Matt Stover, President of Office Solutions at Fis.
However, he pointed out that many companies are still struggling to manage and complicate data on the size of the data as the regulatory requirements increase the complexity of manual reconciliation.
“By launching this solution, we help customers to develop beyond Labourious systems exposed to error by providing an effective solution designed to allow them to operate on accurate, fast and reliable reporting data,” said Staffer.
The service aims to provide at least 98 % automatic matching rates, supported by the service level agreements.
Fis added that the tool is adaptable, which enables companies to reduce the time they spend in solving the contradiction and updating their operations while mitigating the risks before affecting performance.
The company’s latest research has found that companies are losing an average of $ 98.5 million annually due to operational incompetence, which confirms the need for more data and reporting systems.
This is the solution of the fifth capital market launched by Fis last year.