Case Study - US bank deploys ReconArt for integrated financial close management
| Industry: | Banking |
| Focus: | GL account certification, financial close management |
Company profile: a US community bank with a century-long history
A community bank with a century-long history and a broad footprint in the south-west of the US: Texas, New Mexico, Missouri, Colorado, and Arizona. Today it manages assets worth more than US$ 8 billion and has nearly a thousand employees. The bank offers commercial, corporate, and personal solutions – banking services, lending products including mortgages, wealth management & investment, treasury management, specialty finance, etc.
Challenges: an integrated solution for daily transaction matching, account certification, and financial close management
The bank was in search of an integrated solution to replace its existing custom-made tools and streamline its manual and semi-automated reconciliation processes. They hoped to find an integrated solution that could also interface well with the existing core banking and other involved systems.
Expectations of the new system included:
- powerful matching capabilities,
- the ability to handle large scale transaction reconciliations,
- features to enable collaboration on outstanding items.
Additionally, the team needed to optimize their period-end close workflow and GL account certification for better audit preparedness. In terms of reporting functionalities, the bank required a solution that could improve visibility, control, and informed decision making.
Solution: a unified platform for streamlined account reconciliation and financial close management
In the competitive vendor selection process, ReconArt was preferred as a partner. ReconArt’s GL accounts certification workflow replaced the Client’s combination of paper, spreadsheet, and database tools, streamlining the process from start to finish.
Key features included:
- automated certification workflows with configurable levels of approval,
- a hierarchy of user access rights,
- recurring task scheduling,
- notifications manager,
- document vault for evidence storage.
The Client now has the file imports and data enrichment operations automated to save time and improve financial data quality. The use of configurable rules help improve success rates even in the most complex matching scenarios. ReconArt’s exceptions management feature enabled the bank to monitor outstanding items efficiently (ageing, classification, status updates) and escalate issues to relevant departments for a rapid resolution.
The rich filtering & drill-down options, a library of reports, and a granular audit trail deliver real time progress overview and full visibility on process bottlenecks. Multi-layer calendars, reminders, and email notifications enhanced task scheduling and team synchronization. The automated reporting options provide an extra layer of control.
Benefits & results: end-to-end reconciliation process transformation
ReconArt met the bank’s needs for advanced automation and streamlined processes, providing a reliable solution that was also cost-effective. Efficiency improvements were noticeable, with ReconArt unifying scattered tools under a single cloud solution for greater visibility and control.
ReconArt’s focus on client feedback and user-guided product upgrades demonstrated the advantages of a versatile and flexible tool. As one of ReconArt’s longest standing clients, our Client has both benefited from and contributed to the development of the platform.
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1-800-PACK-RAT: bank reconciliation with ReconArt
| Industry: | Moving and storage |
| Focus: | Bank, credit card, GL reconciliations with multiple data sources |
1-800-PACK-RAT is an industry leader in portable storage and moving, who provides US customers and businesses with solutions for on-site storage, warehouse storage, local or long-distance moving.
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