There are many factors that make the reconciliation process a challenge for banks & financial institutions. Reconciliations do not have specific rules & more often the process is spread across departments and as a result lack accountability.
The business priority of the banks is more towards the fulfilment of the customer-facing product and a thorough financial reconciliation control often takes a backseat. The longer transactional workflow adds layers of complexity to the reconciliation process exposing the banks to the risk of fraud, errors, and omissions.
High transactional volume synonymous with banks & financial institutions makes it harder for the institutions to take control of the transaction reconciliation process. To overcome these challenges, there is a need for banks & financial institutions to focus on an automated reconciliation system and invest in the right technology.
Manage Risks, Reduce Operational Costs and Increase Efficiency
Modefin offers a centralized automated reconciliation solution that helps the banks & financial institutions to overcome the challenges of a traditional reconciliation process. It helps to replace the manual & spreadsheet-based processes with automated reconciliations. Our solution aims at simplifying the complex reconciliation process by offering greater visibility into the transaction and exception handling process. It is a one-stop solution that manages the end-to-end reconciliation process and requires minimal IT intervention.The automated reconciliation solution provides consistency in control through the use of matching rules and procedures and offers a rich combination of comprehensive functionalities on robust technology.
Our automated reconciliation solution has incorporated a unique feature wherein it allows the banks to extract information from the relevant Vostro or mirror GL account in CBS. It supports uploading of SIWFT MT940/950s and other formats.
Streamline your general ledger reconciliation process with automated workflows and by setting proper controls.
Easily spot errors and detect frauds while clearing reconciliations between core banking and cheque clearing system.
A simple and quick automated system for matching and processing data between the core banking system and the mobile wallet operators.
Facilitates quick and automatic reconciliation of transactions to or from an aggregator with near-zero discrepancies.
A single platform to run all types of reconciliations for improved operational efficiency and ROI.
The Modefin Advantages
One-Stop-Solutionsingle solution that supports all the reconciliation needs of the banks’ payment systems with advanced matching capabilities and user-friendly dashboards.
Reduce DependencyThe transaction reconciliation system comes with an application UI that allows organizations to configure new reconciliations, add or modify business rules and generate reports among others without the need for intervention by the IT team.
Efficient MonitoringOur solution helps to reduce errors, save time and get transactions cleared quickly and at the same time achieve consistency and control by matching rules and procedures.
Flexible & Streamlined ProcessOrganizations can smoothly & efficiently manage workflows with flexible business rules and streamlined matching process. Our solution helps you closely monitor reconciliations and avoid any fraudulent practices.
Accelerating the digital transformation of banks with intelligent & innovative digital banking solutions
Modefin offers a suite of ready-to-market digital financial products tailored to meet the needs of the banks and financial service providers and helping them to accelerate digital adoption.
The meaning and depth of any business are valued considering the customers it has garnered. We at Modefin are grateful to our customers and clients whose patronage has helped us build on our efforts to succeed and give our best. These are the very persons, institutions and industries who vouch for our efforts and acclaim the reliability of our solutions. Our customer experience goals gain value when we receive affirmation of our efforts.