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Competition within the financial services sector is fierce - it's a cut-throat market
where only the strongest survive. Understanding customers' banking preferences and
needs, and improving operational efficiency, are key to maintaining reputation and
credibility and winning long-term customer loyalty. |
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Tightening Internal Control
Businesses need to be able to make quick, effective and informed decisions.
Information contained within different business systems must be consistent across
your organisation, and most importantly accurate. Monitoring business processes
and exercising control is imperative for large organizations dealing with multiple
transactions and, when swearing to the honesty of your company accounts, you have
to know you are telling the truth. To do that, you need stringent internal accounting
procedures.
iCapella™ can be used in any financial environment. For example,
in the insurance or banking sector companies often use a number of host applications
including industry specific system, subsidiary systems and legacy systems. Sometimes,
in partnerships or joint ventures with other companies, this complicates the process
with additional interfaces and data feeds. Issues that are often encountered include:
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Difficulty getting the daily cash position
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Information required for the reconciliation process is stored in disparate host
applications and received from many external systems
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Inability to successfully complete automatic daily or monthly reconciliation
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Timing delays in accessing information necessary in the reconciliation process
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Too many resources allocated to the reconciliation process
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Difficulty tracing and identifying items for reconciliation
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Absence of group-wide reconciliation reports
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Disparate systems making cash aggregation almost impossible
Relying on manual reconciliation and internal control procedures can drain resources,
are neither cost- nor time-effective and harbor a high risk of human error. iCapella
enables financial organizations to access and understand critical business, customer
and operational information, so that it can be transformed into meaningful business
intelligence and leveraged as a competitive weapon.
Enabling Accuracy and Transparency with iCapella™ Reconciliation Solution:
With the implementation of iCapella Reconciliation Solution , establishment of specific
business rules and some business processes, we are able to achieve an automatic
matching of over 95% of transactions. iCapella™'s integrated reconciliation
solution enables financial services providers to:
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Receive daily feeds of data from multiple host and external applications achieved
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Automate the import of bank statements
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Speed-up the importing and matching process for follow-up on a daily basis
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Detect and deter fraudulent activity
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Better manage risk assessment with investment, credit, lending
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Instantly detect errors, weaknesses, non-compliant events and activities
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