Market Leading Daily Client Bank Account Reconciliation

The Challenge  

We recognise that for many businesses, managing high volumes of complex financial transactions with strict regulatory requirements has made reconciliation a challenging task.  

Traditional manual reconciliation is not only time consuming, but can be prone to mistakes with discrepancies going unnoticed for weeks or even months. There is also the risk of undetected unauthorised transactions or unusual account activity, which could lead to financial or even fraud mismanagement.  

Innovus Bank Reconciliation Team Leader Robyn Caroll says: “The sheer amount of data which needs to be managed can result in errors or discrepancies, with far reaching consequences. Any mistakes will inevitably delay the end of year accounts preparation and forecasting. To provide the best service for our customers, we looked for a solution that would identify any discrepancies immediately and enable us to address any arising issues.” 

The Solution  

Robyn explains: “We took the decision to buy cutting-edge software to further increase speed and accuracy, and also enable us to reconcile on a daily basis. This has huge benefits for our clients as they can produce accurate end of year accounts with minimal delays.” 

The Result 

We now carry out the daily reconciliation for over 6,000 client bank accounts.  

Robyn adds: “Having this technology has really set us apart from our competitors for us to become a market leader within the property sector. It has enabled us to further streamline our clients’ processes and also free up their time and resources so they can focus on their core business operations.”