NBS Reconwizz (data reconciliation)

Challenge:

NBS Bank decided to enhance the existing reconciliation process of its suspense accounts which was largely manual, time-consuming, and prone to errors. The scope of work was to develop a reconciliation application to automate and streamline its reconciliation process. The application aimed to improve efficiency, reduce operational costs, minimize errors, and enhance the overall accuracy of reconciliation tasks.

Solution:

In collaboration with ADvision Finance, we designed and developed the Reconwizz application using our low-code platform in 4 months. Its key features are:

• Data Integration: The application integrates with NBS's existing systems and databases to extract transactional data from various sources including Temenos T24 Core Banking System, ATM interface, Cheque Clearing and external counterparties.
• Matching Engine: The core of the application is a sophisticated matching engine capable of comparing transactional data sets and identifying discrepancies. It employs advanced algorithms to reconcile transactions based on predefined rules and criteria.
• Configurable Rules: The application allows users to define customizable reconciliation rules based on transaction attributes such as value date, booking date, currency, and counterparty information. Users can configure matching criteria specific to different asset classes and transaction types.
• Exception Handling: In cases where automatic matching is not possible, the application flags exceptions for manual review by reconciliation analysts. It provides tools for investigating discrepancies, resolving unmatched items, writing off exceptions, and using process workflow for authorization of manual actions.
• Reporting and Audit Trail: The application generates reconciliation reports, highlighting matched transactions, unmatched items, and exceptions. It maintains an audit trail of all reconciliation activities, including user actions, comments, and resolutions for compliance and audit purposes.
• Scalability and Performance: The application is designed to handle large volumes of transactions efficiently and can scale according to the growing needs of NBS's business operations. It ensures high performance and availability to meet strict reconciliation deadlines.