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Recon Solutions |
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| Generic Recon |
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The importance of reconciliation needs no emphasis, as reconciling of transaction constitutes an important element in any financial accounting system. Evidently, if accounting entries are not reconciled properly, they may give rise to financial irregularities. Also, unreconciled entries will pose major hurdles in statutory compliances.
Laser Reconflo is a generic and browser based reconciliation system supported by effective workflow. It can be configured to reconcile data from multiple entities or systems. Reconflo can substantially increase operating efficiencies and reduce the costs involved in reconciliation activities. Reconflo can be used to handle huge transaction volumes as the product is highly scalable both in terms of number of transactions that can be managed and processed and number of concurrent users. The product can handle thousands of online user connections simultaneously.
Reconflo solution comes with built-in workflow features. A recon system requires extensive interaction and exchange of data and information between stake holders involved in a recon system, for reconciling open items that have not been auto matched by the system. This workflow support is integrated in the Reconflo solution. |
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Latest Technology – J2EE Engine on Oracle Database. |
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Comprehensive configuration possibilities. |
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Reconciliation of any Balance Sheet item. |
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Single Hardware – Single Database - Multiple Recon systems |
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Highly scalable to handle millions of transactions by thousands of users simultaneously. |
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Unique Workflow options to thread data with attachments |
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| ATM Recon |
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The ATM Recon software ensures that all ATM transactions (Cash replenishments, withdrawals, fund transfers etc) are correctly accounted for and posted in the Branch books. Such a system is also necessary to reconcile ATM cash balances with the branch cash balances with the required MIS for Balance Sheet/Profitability analysis purposes. |
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Reconciliation of ATM/POS transactions within 24 hours |
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Reconciliation of ATM cash loading transactions |
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Reporting differences in cash balances at ATMs |
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Complete automation and generation of accounting entries required at ATM Switch Center |
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Generation and posting of accounting entries at branches |
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Generation of reports at branches for corrective entries required at ATMs |
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Help in arriving at ATM cash balances at any given point of time. |
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Reduced work load at the ATM Switch Center |
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Use of network during night times. |
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Provide data to answer customer enquiries (call center) |
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Reconciliation of settlements with Visa, Mastercard and other shared network agencies. |
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| Inter Branch Recon |
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In the absence of a centralized system network, Banks have to monitor the flow of large number of Inter Branch transactions and to ensure that flow of funds across branches are reconciled bank wide, periodically. This is critical to firm up the Banks’ financial position as well. |
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Transmission of transaction data from computerized braches across the network to a centralized location. |
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Data entry and validation at controlling offices |
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Transmission of data from controlling offices to a central location |
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Daily reconciliation at Central location |
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Correspondence on mismatches through the network to branches |
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Forwarding electronic advices through the network (later phase) |
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| Bank Nostro Recon |
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Banks maintain accounts in foreign currencies with Nostro Banks abroad to handle various categories of Foreign Exchange Transactions. A lot of high value transactions arising from Inter Bank dealings pass through these accounts. In view of the volumes, complexity and diversity of Forex operations, data mismatches take place leading to problems in reconciliation. Prompt reconciliation of these transactions is crucial from regulatory as well as prudential angles. |
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End to end Nostro Recon Solutions |
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Workflow options |
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Solution works independent of operating systems |
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Recon of branch side transactions with that of Bank’s Forex center data |
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Recon of Forex center data with Nostro statements |
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Covers all types of foreign exchange – Import / Export, transactions, Forward contracts, cross currencies, Forex loans/Deposits, Inter Bank dealings etc., |
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Web-based data correction facility for branches. |
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Auto match & relaxed match on desired parameters. |
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Permanent Audit Trail. |
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