Financial services technology provider Fiserv has unveiled new software designed to streamline the reconciliation process, something still completed manually by more than half of North American companies.
The software offers complete balance sheet reconciliation automation in reduced time while also aiming to cut down errors involved with manual reconciliation processes.
According to research conducted by the Financial Executives Research Foundation, respondents said that trying to modernise systems to meet the challenges of harvesting data and creating efficiencies with technology is a common challenges facing senior-level financial executives.
“Many organisations across industries are challenged to operate with lean budgets and resources, and executives must deliver accurate and timely financial results or risk losses,” said Eric Werab, global product line director, financial control solutions, Fiserv.
“Fiserv gives these organisations access to the same operational and compliance benefits typically only available to larger organisations without a big up-front investment.”
The launch also comes following the release of a report on FinTech collaborations with investment banks that investigated where new technologies will be best placed.
Reconciliation was one area highlighted by David Williams, partner, banking and capital markets advisory at EY, who suggested that its time to move away from people manually moving data from A to B.
“Some investment banks have 3,000 people doing reconciliation, and there was no reason that can’t be replaced with automated processes,” said Williams.