The increase in online payments is a boon for consumers and the financial institutions that serve them. While most people enjoy the time-savings and convenience of digital channels, financial institutions benefit from the increase in transactions. It’s a win-win, that raises the stakes for finance and accounting.
When Zelle transactions exploded in 2020, finance and accounting staff had to roll them into daily and monthly reconciliation processes. As Zelle grows within financial institutions and transaction volumes increase, financial institutions can consider changing their approach to reconciliation.
Reconciliation is an important control for fraud and error. But with manual reconciliation, financial institutions may be introducing unnecessary risk. High-volume manual reconciliation can introduce compliance, audit and internal control issues. Manual matching, reconciliation and exception management processes can be slow and susceptible to error.
Read our white paper to learn how automating reconciliation and certification, using Frontier Reconciliation from Fiserv, helps financial institutions accommodate channel growth without overextending their operations and human resources.
Frontier Reconciliation from Fiserv takes an enterprise approach to reconciliation and exception management, creating an optimal environment for effective risk management, unprecedented data visibility and operational efficiency.