An international retail bank operating throughout Africa was experiencing significant delays in the reconciliation process, due to disparate file layouts and data sources, as well as timing mismatches from ATMs, Card Switch, VISA Settlement and Nostro Accounts. They sought Digiata’s services to assist in effectively overcoming the resulting operational inefficiencies, lack of control, and delays across the entire card transaction value chain.
The entire value chain was automated into a single integrated reconciliation solution. The solution automatically imports and converts data sources and reports into a format that makes reconciliations easy across all transactional levels and various systems. The client can now access various 2-way and 3-way reconciliations, automated workflow to facilitate auto-posting and exception-management functions, as well as notifications and alerts to ensure strict and accurate process control.
• Bank Recon
A 90% reduction in manual effort, with a similar reduction in turnaround times (what previously took twenty days now takes just two), enhanced auditability, STP, and a more stringent control framework.