Non-Banking Financial Company (NBFC)

Automating Bank Reconciliation at Non-Banking Financial Company (NBFC).

The NBFC has 16 process and 53 files for Bank Reconciliation through channels viz payment gateways, wallets, net banking, UPI, kiosks, ATMs, bank cheques, credit cards and prepaid cards. These processes include Collection, CMS, Direct Debit, E-Collection, Processing Fees and Disbursement.

High manhours on reconciliation, quicker reporting turnaround time, dependence on people to be present and newer people having the ability to quickly deliver, detection of payment issues and optimizing processing charges expenses.

Handling complex reconciliation rules, performing reconciliation between several files and Bank Statements, generating Open entries and Bank Reconciliation Summary (BRS) Reports for several processes was a repetitive and time-consuming task performed on daily basis.

The QuickReco tool dynamically automated bank reconciliation process. This included the following:

• Bank Reconciliation with 2-levels of reconciliation, including reconciliation between Bank Statements and various reports like Liquidation, E-Collection, Direct Debit etc., & a final reconciliation with the Accounting data
• Handling exceptions in case of an amount mismatch between the 1st level reconciliation files and flagging these to the user.
• Handling duplicate data for ledger transactions.
• Reports like Open Entries, Matched & BRS Reports can be downloaded or auto-emailed to management.
• Manual Reconciliation via Screen and Excel feature used for handling contra entries.