Reconciliation
Streamlining the reconciliation process with RPA and AI Document Processing
Key Solution: Robotic Process Automation (RPA) & AI Document Processing
Challenge
Multiple Data Sources: Reconciliation personnel must download data from numerous bank accounts and financial institutions’ core systems—spanning 40 banks, over 200 accounts, and up to 10,000 individual records—and compare entries one by one to record discrepancies in the balance reconciliation statement.
Time-Consuming & Labour Intensive: Manual reconciliation takes up to 5 days of labour per cycle, making it infeasible to reconcile all accounts accurately.
High Risk: The manual process is error-prone, leading to significant financial, audit, and regulatory risks.
Solutions – Automation Workflow
Utilising RPA and AI Document Processing to automate the entire reconciliation process. By deploying an early USB Hub solution (eliminating the need for manual USB plugging/unplugging), the system automatically downloads transaction (running water) files, converts file formats, and compares account data—ensuring discrepancies are identified and recorded accurately.
Before Implementation:
- 5 days per reconciliation cycle.
- Manual comparisons, lengthy and inconsistent.
- Prone to errors and omissions.
After Implementation:
- Saves up to 90% of the manual workload.
- 100% accuracy via rule-based automation.
- Meets stringent regulatory and audit requirements with consistent, rule-based processing.
Impact
100% Accuracy
5 mins Labour Time
8 hours Single Transaction Time