Product Frontier Reconciliation

Transcription

1 Product Frontier Reconciliation Mitigate Risk, Improve Operational Efficiency and Enable Regulatory Compliance

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3 Product Frontier Reconciliation from Fiserv takes an enterprise approach to reconciliation and exception management, creating an optimal environment for effective risk management, unprecedented control and cost efficiency. Today s increasingly regulated business environment requires robust, scalable and flexible financial controls. As a key cornerstone of the financial close process, end-to-end reconciliation relies on processes, technology and data sources that work cohesively while spanning time zones and geographies. Data must be instantly accessible around the clock or your exposure to operational risk increases. Global Enterprise Reconciliation from a Single-Platform Web-Based Solution Designed with these business challenges in mind and delivering tangible return on investment (ROI), Frontier Reconciliation takes an enterprise approach to reconciliation and exception management, creating an optimal environment for effective risk management, unprecedented control and significant cost efficiency. With Frontier Reconciliation, reconciliation can be centralized, no longer needing to be stuck in a business silo or constrained by technical limitations in deployment and volumes. Frontier Reconciliation is capable of handling all transaction and account types in support of cash, check, securities, FX or any other reconciliation process, all on a single platform; there is no need to create interfaces to separate systems. Enterprisescalable, the system comprehensively addresses the needs of banks, insurance companies, securities firms, government entities and corporations any organization that needs to control the financial transaction workflow. Disparate operations spread across multiple geographies are readily addressed by Frontier Reconciliation. Using Frontier Reconciliation: Web Access, organizations can deploy a single reconciliation solution globally to realize ease of use benefits along with cost savings associated with deploying a single instance of the software. Real-Time Reconciliation Across the Enterprise The Frontier Reconciliation solution operates as a centralized hub that consolidates operations and powers breakthrough processing. This single, standardized architecture pushes information across borders in real time enabling fast response and informed decision-making. Using a Web interface, personnel from across the enterprise can get an elevated view of information and process workflow and benefit from best-inclass capabilities for matching, exception resolution, risk management and reporting. But speed and convenience are only half the story; the tangible value of the system is realized through reduced financial risk and intra-day investment opportunities. Banks and Financial Institutions: Enterprise wide General Ledger (GL) and DDA (Demand Deposit/Current Account) reconciliations Unified processing across multiple lines of business and geographic locations Timely, best-practice directed workflow for exception resolution 1

4 Frontier Reconciliation Overview Reduced risk of fraud Period close balance control capabilities General ledger balance attestation Securities Firms: Ensures early identification and resolution of position and transaction breaks Reduces errors and catches out-ofsync positions Provides up-to-date cash position information to maximize investments and eliminate shortfalls Directs timely break resolution Brings together reconciliations across locations, asset classes, and custodians for a single view of risk Balance controls to ensure accurate performance reporting Integrated securities and cash reconciliation capabilities Any Organization Can Enjoy: Increased operational efficiency Easy deployment across multiple locations Clear view of real-time positions Improved accuracy Reduction in audit costs Greater control and set-up automation Reduced matching time User-defined and configured exception workflows Re-allocation of staff to higher value tasks Improved ability to service clients Reduced exposure to loss Database and server consolidation options through Frontier Reconciliation: Transfer Manager Accurate data for use in the financial close process Ability to meet regulatory requirements, including Dodd-Frank reforms Frontier Reconciliation is designed to increase efficiency and enable rapid ROI. And, because the user interface features familiar metaphors such as folders, directories and Web browser navigation, training is quick and efficient. Accuracy, Speed, Performance and Control With more than 25 years of working with leading financial services and corporate customers, we know that processing success begins with solid architecture. Frontier Reconciliation is designed to address clients needs for accuracy, control, cost containment and speed. Effortless Data Collection Frontier Reconciliation automates reconciliation from the very first step. With the system s scheduler, jobs can be scheduled to run at any time, and multiple jobs can run concurrently providing speed and enhanced productivity, without compromising system performance. Data can be imported in any format from internal sources such as a general ledger or accounts payable system, or externally 2

5 from a bank, message network or other data source. Operational users do not need to know the bits and bytes of data transfers. Instead, they need to know where every transaction stands on the path to settlement. Frontier Reconciliation cuts through the data complexity to deliver needed information clearly and quickly. Frontier Reconciliation reduces the demands of technology resources by automating the migration of new or modified reconciliations from one environment to another (for example test to production), thus speeding time to production while also enhancing process control. Flexible Matching Once positions, balances and transactions are imported, the system s uniquely capable multi-threaded matching engine goes to work, automatically matching as many items as possible based on the criteria you specify including one-to-one, one-to-many and many-to-many items. Match criteria can be based on any type of monetary item in the system checks, deposits, foreign exchange, wires and more. This flexibility allows you to tailor your match criteria to meet the unique characteristics of each transaction type, producing a higher automatching rate. Powerful Exception Handling Frontier Reconciliation: Case Manager automates and controls the entire exceptions research and investigation process. Case Manager functions as an integrated workflow and case management solution to enable organizations to automate and control business processes by defining rules to perform a series of tasks to automate and resolve the exceptions generated in the reconciliation process. This will enable already overstretched back-office teams to meet customer demand and better deal with rising transaction volumes through dramatically improving the productivity and efficiency of the exception investigation processes. Account Control and Reconciliation Many organizations struggle with performing proper account reconciliations for the entire general ledger. Microsoft Excel -based or manually-created reconciliations do not allow for the proper control or transparency into the process, and prevent organizations from having a holistic view of the reconciliation status across the entire chart of accounts. Frontier Reconciliation: Account Control enhances the navigation, security and control of the account reconciliation process. The solution prepares and stores reconciliation proof reports and associated attachments required for period close certification activity and leverages balance pool monitoring, live trial reconciliations, enhanced reconciliation proofs, and reconciliation snapshots to ensure that material accounts are accurate and complete. These controls are all managed via an audited, open framework supporting current and historical analysis of reconciliation results meaning your organization can achieve compliance with even the most stringent audit practices. 3

6 Performance Management and Reporting Frontier Reconciliation: Performance Manager provides a full scope solution to view reconciliation information across the enterprise. The solution provides graphical, real-time information about the state of the reconciliation and transaction management process, trending analysis and comparison of current state performance versus benchmarked standards. Real-time reporting capabilities remove all manual reporting efforts and allow you to shift your analysis to Day-1 tasks. Performance Manager enables your organization to take the next step toward continual improvement allowing you to perform scenario analysis based on individual department, account, or even match rule effectiveness. With the Frontier Reconciliation solution organizations can implement enterprise control for a wide variety of reconciliation types including: Federal reserve accounts Due to/due from accounts Nostro accounts ATM Network accounts Internal transactions Interbank transfer accounts Adjustment accounts Official bank checks Lockbox Suspense accounts Return item adjustments Cash letter adjustments Trust accounts Teller cash reconciliation Merchant card processing reconciliation Loans in process Safekeeping Agency fee reconciliation Cash in transit Deposit rejects General ledger/cost center reconciliation Loan accounting Miscellaneous receivables Custodian reconciliation Equities, mutual fund and exchange traded derivatives Connect With Us For more information on Financial Control Solutions from Fiserv, please contact us in the U.S. at or outside of North America at +44 (0) , or visit us at 4

7 About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management, and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit for a look at what s next, right now.

8 Fiserv, Inc. 255 Fiserv Drive Brookfield, WI Fiserv, Inc. or its affiliates. All rights reserved. Fiserv is a registered trademark of Fiserv, Inc. Other products referenced in this material may be trademarks or registered trademarks of their respective companies COL 06/13