Even with strict regulations for accurate and compliant financial reporting, many organizations still use manual or semi-automated processes for reconciliation and certification. Such processes can result in errors, operational inefficiency and lack of visibility into the numbers during certification.
A comprehensive end-to-end reconciliation and certification solution, Frontier™ Reconciliation from Fiserv forms a complete account reconciliation picture across your enterprise that makes exceptions instantly visible and reduces manual interventions. Workflows fully automate labor-intensive processes and ensure compliance with corporate and regulatory controls.
But reducing errors and write-offs is only part of the picture. By minimizing the need for manual research or interventions during the reconciliation process, organizations can achieve major efficiency improvements and lower operational costs while enabling staff to perform more value-added work.
More accurate data in the financial close process
Increased operational efficiency and regulatory compliance
Greater data visibility and transaction-level exception detection
Process larger volume of transactions at scale
Facilitate all transaction and account types
Frontier Reconciliation minimizes the risk of financial misstatement with transaction-level matching – on one-to-one, one-to-many and many-to-many levels – and a comprehensive audit trail.
Designed as a data-agnostic system, Frontier Reconciliation can ingest data from virtually any source and in any of the most commonly used formats to identify and resolve exceptions with speed and accuracy.
Frontier Reconciliation works seamlessly with all core platforms as well as general ledger solutions including Prologue™ Financials from Fiserv.
Once a reconciliation is fully certified, it's locked down and it can't be changed anymore, and that really gives more peace of mind for our auditors and our regulators.
– Dana French, SVP, Finance Operations, Wintrust Financial
In addition to serving financial institutions, Frontier Reconciliation for insurance can transform financial control transformation in your insurance organization to protect your bottom line, mitigate risk and enhance regulatory compliance.
And as the insurance industry continues to undergo increased scrutiny and regulatory oversight, the need for effective reconciliation controls has never been more imperative.
Automated reconciliation can help ease the back-office burden caused by quick and convenient front-end processes, while tightening important controls and lowering risk. Financial institutions that choose to embark on the journey toward automation can expect to achieve six key benefits.
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