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Infosys Transaction Reconciliation System

Overview

In today’s digital age, as financial services firms increasingly deal with massive amount of data, it is imperative to have tight control and a seamless data flow across the organization. This combined with the regulatory initiatives, market and competitive pressures, demands greater operational efficiency and visibility, while reducing operational risk. Though organizations have started focusing on reconciliation and are investing in relevant technology, they continue to grapple with issues like –

  • Multiple reconciliation systems and silos of applications
  • Lack of seamless flow of data from departments
  • Large amount of manual interventions leading to weaker data control and vulnerable security
  • Inability to manage higher transaction volumes and lower cost structure/headcount
  • Need for exception management and detailed reporting
  • Weak audit trail leading to lesser visibility into reconciliation data changes

Infosys Transaction Reconciliation System (ITRS) provides full set of reconciliation capabilities and helps financial services firms to meet their imperatives. Its functional components provide adequate and strong control points allowing greater visibility into transaction and exception handling processes.

ITRS is data-agnostic and is designed to facilitate quick and easy configuration of reconciliation jobs with minimal IT intervention. The system is highly comprehensive and delivers end-to-end capabilities for managing the diverse reconciliation needs of an enterprise.

There is clearly a need for an integrated reconciliation platform that can help a firm reduce its operational costs, manage risk and address compliance needs

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ITRS Process flow

ITRS Process flow

ITRS helps you achieve –

  • More efficient operations and Improved Return on Investment (ROI) by migrating all reconciliations onto the single strategic platform.
  • Straight Through Processing (STP) from source data loading to Exception Management in the entire chain of reconciliation process and help in complying with all the mandated regulatory requirements.
  • Its innovative ‘scale-out’ architecture used for the core reconciliation & optimization engine translates into significant reduction in costs, enabling maximum automation with near real-time reconciliations.
  • Generic Platform to run all types of reconciliation processes and provides greater visibility into reconciliations and outstanding positions.
  • Reduced operational risk by automating manual processes to enable exceptions-based transaction lifecycle processing.
  • Adaptable and extensible architecture for future needs.
  • ITRS is now certified for AWS and Azure. It is also being co-sold through Microsoft, our Cloud Partner.

Challenges & Solutions

ITRS is a generic reconciliation solution which can cater to different type of reconciliation processes across the organization. Implementing ITRS will modernize Client recon landscape to a next generation technology. A similar solution was provided to one of our client where 50+ Recon Jobs were migrated from legacy reconciliation tool to ITRS. Reconciliation included Trade, Cash & Position between the client’s internal systems (GL, Deal Capture, Risk Management) with external sources (Brokers & Exchanges).

Infosys with its extensive knowledge in settlement life cycle and partnership with 3rd party service providers, collaboratively designed and provided a next generation transformation solution. ITRS helped as a generic solution and catered to reconciliation of all financial settlement data – which resulted in automating disposition and payments of transactions for various business cases.

Replace manual reconciliations with automated reconciliations across various departments, including Payment Channels, Mobile Banking, etc. Significant savings can be achieved by moving to automated process, as this will help in identifying many errors which were missed earlier.