The Power of Consolidated Reconciliation

The financial services landscape is becoming even more complex with the rising number of reconciliations. While regulatory bodies continue to argue for more reconciliations, savvy financial organizations are solving this challenge with consolidation. In fact, the shift to T+1 settlement in the U.S. and Canada has only increased momentum for a single platform that delivers a comprehensive view and supports all reconciliations with one engine, from real-time to batch, from throwaway to enterprise level, and from regulatory to corporate actions.

What We Know About The Reconciliation Environment

From an operational perspective, reconciliations can be challenging. Organizations often store the same data in different locations, which can create inconsistencies across departments and systems. When discrepancies arise, organizations turn to reconciliation to fix the problem.

However, this often results in too many reconciliation records that contain the same data. This leads to wasted time and resources from reconciling the same information over and over again. In addition, reconciliation data often gets scattered across various spreadsheets, databases, and platforms, creating isolated pockets of information. All of this makes it tough to get a clear view of reconciliations.

Five Benefits of Consolidation

Consolidating reconciliations within one solution helps address the current situation, bringing all reconciliations into a single place. This approach delivers five important benefits:

1. Holistic data view: Managing reconciliations through a variety of systems and spreadsheets makes it hard to get a complete picture of your financial data. By centralizing all reconciliations in one platform driven by an advanced reconciliation engine, you effectively create a single, reliable database for accurate reporting and better decision-making.
2. Improved analytics: When all reconciliations are handled in one place, you can apply analytics to a unified database. This allows for deeper insights into trends and easier identification of discrepancies.
3. Accurate reporting: Reporting errors can lead to serious consequences, especially in a highly regulated environment. Consolidating reconciliations helps ensure accurate, complete, and transparent reporting and compliance, and simplifies complex regulatory tasks and reporting requirements.
4. Streamlined IT resources: Managing multiple systems and spreadsheets can be time-consuming for IT staff. Consolidating reconciliations frees up IT resources to focus on other tasks. It also simplifies system maintenance and updates to improve overall efficiency.
5. Reduced complexity and cost: Consolidation simplifies the reconciliation process, reducing the risk of errors and improving accuracy. It also cuts costs by streamlining IT resources, reducing license and maintenance fees, and making workflows more efficient.

 Paving The Way for a Seamless Future

Disjointed technology, complex processes, and complex data make organizations more cluttered, ultimately holding them back. Banks and asset managers must simplify systems to stay agile and drive growth as markets continue to evolve.

More to the point, the ultimate goal is frictionless operation. In an era of connected financial markets, technology must reduce complexity and barriers to growth, igniting operational transformation and platform innovation. It should deliver flexibility, security, and scalability in order to eliminate friction, unleash potential, and ensure control. Consolidating reconciliation is an excellent first step in this regard.

Learn more about the IVP Reconciliation Solution or contact us at sales@ivp.in to schedule a live or online demo.