Global Bank Automates ATM Cash Reconciliations Using AutoRek
Reconciliations maintained manually giving a non-scalable solution:
Our client reconciled cash stock delivered and retrieved by its national network of Automatic Teller Machines (ATMs) which dispenses cash to its customers. Reconciliations were maintained manually giving a non-scalable solution. The reconciliation processes were slow and the client struggled to respond promptly to issues raised by the process. A basic reconciliation was being performed but the client was ‘only scratching the surface’ of the work they wanted to do, to address fraud and errors.
It was not easy for the client to analyse patterns in errors or shorts on the cash delivery and retrieval process. Increasing regulation required a higher standard of care to ensure the customer was treated fairly and the client’s business was continually growing.
Automated Reconciliations Solution:
We implemented a fully automated reconciliations solution. A full suite of management reporting was created to instantly spot errors and frauds, and highlight suspicious trends or patterns in the records. AutoRek’s flexible report writing tools have allowed the reconciliation team to keep one step ahead of the potential fraudster. It allowed new reports to be created in minutes, in order to examine the data to spot and highlight new issues.
Fast Error and Fraud Detection:
The solution provided an immediate reduction in headcount requirement, and provided the client with fast error or fraud detection of complex trends and patterns. The client gained robust compliance with new regulations. On-going data mining was achieved without additional IT support and the client has since rolled the solution out to other aspects of its processes.
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For more information please schedule an AutoRek Demo.