One of the world's premier media companies has partnered with Fiserv to deploy reconciliation as a shared service, reducing the time required to process end-of-month accounts by four days compared to its previous, manual process.
When it comes to increasing operational efficiency, manual processes are the enemy. Yet many institutions fail to achieve true financial control by taking a fragmented, departmental approach to reconciliation based on multiple systems and frequent manual interventions. To lower hardware, software and staffing costs and reduce compliance risk, forward-looking institutions are implementing enterprise-wide, automated reconciliation solutions based on a shared services delivery model.
This approach centralizes the systems, expertise and best practices needed for efficient reconciliation into a single function. In doing so, it helps institutions lower staffing and operating costs, demonstrate regulatory compliance, and quantify returns on investments to stakeholders.