Reconciliation application (Reconwizz)
NBS Bank has chosen to improve its reconciliation process for suspense accounts, which was mainly manual, time-consuming, and error-prone. The goal was to create an application to automate and optimize this process. This application is intended to boost efficiency, lower operational costs, reduce errors, and enhance the overall accuracy of reconciliations. In partnership with ADvision Finance, we designed and built the Reconwizz application on our low-code platform over a span of four months. The key features include:
- **Data Integration**: The application connects with NBS's current systems and databases to gather transactional data from various sources, including the Temenos T24 Core Banking System, ATM interfaces, cheque clearing, and external entities.
- **Matching Engine**: At the heart of the application is an advanced matching engine that compares transactional data sets to identify discrepancies. It utilizes sophisticated algorithms to reconcile transactions based on established rules and criteria.
- **Configurable Rules**: Users have the ability to create customizable reconciliation rules based on transaction attributes such as value date, booking date, currency, and counterparty details, tailored to different asset classes and transaction types.
- **Exception Handling**: When automatic matching cannot be achieved, the application flags these exceptions for review by reconciliation analysts.
- **Reporting & Audit Trail**: It produces reconciliation reports that detail matched transactions, unmatched items, and exceptions while maintaining a comprehensive audit trail of all reconciliation activities, including user actions, comments, and resolutions for compliance and auditing purposes.
- **Scalability and Performance**: The application is built to efficiently manage large transaction volumes and can scale to meet the expanding requirements of NBS's operations, ensuring high performance and availability to adhere to strict reconciliation timelines.