Banks and investment managers do way too many reconciliations. In fact, some data doesn’t even need to be reconciled, and no one should be telling you that you need to do more recs. Many financial services organisations are now realising that having a holistic view of recs on one platform is making more sense now than ever, especially as North America marches towards T+1 settlement.
There’s no shortage of different types of reconciliations, ranging from real-time to batch, from throw-away to enterprise level, and from regulatory to corporate actions. With greater complexity driven by expanding regulatory requirements and the need to support accelerated settlements across jurisdictions, financial services organisations are seeking both a global standard and regional cooperation across reconciliation, with the ability to sustain the entire scope of rec types on one engine.
What we know about today’s recs landscape
Organisations have the same data in multiple business units, databases, and platforms. We know how easily that data can become disparate, inconsistent, and just plain wrong across the front, middle, and back offices. And when that happens, organisations immediately turn to reconciliation to solve the problem.
But then you end up with too many recs, the same pieces of data being reconciled over and over again— causing significant redundancy of time and resources. Then there’s the preponderance of reconciliation silos throughout the organisation, with different recs residing in multiple spreadsheets, databases, and enterprise platforms.
All these issues make getting a holistic view of all your recs extremely difficult, causing disparity in general ledgers and point-to-point reconciliations, with the same data ending up in multiple databases and silos.
Five benefits of consolidating reconciliation
Consolidating all your disparate reconciliations onto one solution can provide several key advantages:
A frictionless future
Complex data, processes, and disjointed technology are making organisations more cluttered, ultimately holding them back. As markets move and evolve quickly, banks and investment managers need to focus on reducing complexity to fuel agility and growth.
Connected financial markets should be frictionless. From operational transformation to platform innovation, technology should reduce complexity and break down barriers to growth.
Modern technologies have flexibility, security, and scalability at their core. They’re built to remove friction, set free your ambition and keep you in control.
So clear the clutter by consolidating reconciliation and let’s get down to business by creating a more simplified, frictionless, and compliant day-to-day experience.