An end-to-end reconciliation automation solution

The first step is data ingestion, where we import or integrate data from a variety of sources. Formats can vary or change over time, which is why our solutions are designed to be flexible enough for businesses to manage and adjust format types without involvement from IT.

Key data ingestion features:

Out-of-the-box support for input formats including:

• SWIFT
• ACH
• ISO 20022
• Spreadsheet
• CSV
• Bank statement formats
• Supports OCR for paper data sources like insurance statements and broker statements
• Automatically identify source data formats
• Real-time, batch or scheduled integrations
• API for programmatically inputting data

Before imported data is automatically reconciled, it is first consolidated, normalised, transformed or enriched to ensure the data is of good quality and can be made matchable.

Key data management features:

• Enrichment and transformation tools to improve raw data sets
• Merge third-party data sources with raw data files like currency tables
• Consolidate detailed transactions to create summarised transactions
• Disaggregate or explode bulk entries
• Use one data source for multiple reconciliations without re-importing
• Add reporting labels and field to data files for downstream classification and exception management
• Full audit trail of the original and transformed data files

Intelligent matching is the heart of the reconciliation process. It is at this stage that data sources are matched or identified as breaks or exceptions that need to be accounted for.

Key intelligent matching features:

• Intelligent match analysers to recognise fields and suggest optimal match rules
• Ability for end users to build match rules without IT involvement
• One-to-many, tiered or cascading match sequences
• Timing and age sensitive match rules
• Role segregation for match rule creation, approval and execution
• High-speed matching for large volumes

Exception management determines how unmatched items are accounted for and explained, which includes signatory on the break explanation.

Key exception management features:

• Prioritise a user’s exception management and work queue by materiality, due dates or other criteria
• Integral workflow to assign, route and track exception cases
• Surface explanations into dashboard and work queues to prioritise tasks
• Automatic escalation of breaks that exceed due dates and materiality levels for follow-up
• Consolidated view of all outstanding breaks, user work queues and bottlenecks

Attestation aims to certify results of the reconciliation process. Integrated into AutoRek, our attestation feature allows for clear close sequences for a full audit trail.

Key attestation features:

• Centralised sign-off and attestation hub with complete audit trails
• Assign ownership of accounts, transaction types and other criteria
• Visibility of ownership across legal entities, business units and locations

This step is designed to document the accounting impact for the reconciliation with journal entries. AutoRek comes complete with integral sub-ledgers that automatically create journals for entries like rounding differences and write-offs.

Key auto-journalling and reconciliation features:

• Integral sub-ledger with transactions that can be easily exported to ERP/general ledger
• Automatically create journals for rounding differences, tolerance write-offs, currency differences and sales taxes
• Supports multi-period, multi-currency and multi-company sub-ledger posting controls
• Journal entry audit trail tied to the reconciliation

The final step of the process is to provide reports for accounting, regulatory and management information purposes. AutoRek dashboards are tailored to each business, surfacing any information required from the reconciliation process.

Key reporting, dashboarding and auditing features:

• Full data lineage
• Unified database to accurately report across the whole process
• Online dashboards to drill down into any aspects of the process
• Automatic of scheduled report generation

Easily post data out of the platform to counterparties or feed upstream systems with complete flexibility.

Outputs can be fully configured to match your exact requirements, ensuring smooth integration across your ecosystem and reducing manual effort.