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Many organizations rely on multiple systems to access the data required for monthly and quarterly accounting reconciliation and daily transactional matching. Some use a manual reconciliation process that relies on error-prone spreadsheets. Exceptions are slow to resolve and it's nearly impossible to achieve the single version of the truth that finance and executive teams need.

That's why organizations worldwide use AccurateTM Reconciliation from Fiserv. It enables demonstrable operational efficiency gains over manual processing and cuts the risk of errors resulting in financial loss.

 

Our Solution

Accurate Reconciliation is a comprehensive, end-to-end account reconciliation and certification solution that handles all transaction types and financial instruments. The solution integrates both transaction and balance-level data and automates the entire reconciliation process from data acquisition and matching through period-end approvals and reviews.

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Fully automates the reconciliation lifecycle

Improves efficiency and frees up resources for more value-added tasks. The solution significantly reduces the time to close daily and period-end reconciliation activities

Standardizes reconciliation processes

Offers transparency and visibility across all asset types and scenarios, increasing confidence in the status of reconciliations through use of a common language

Integrates balance and transaction-level data

Forms a complete account reconciliation picture that makes exceptions instantly visible, eliminates manual interventions and provides rapid, cost-effective resolutions

Enforces enterprise governance and control

Can expand within an organization regardless of assets to enforce financial controls and enable enhanced audit and compliance procedures

 

Benefits

  • Helps to avoid restatement or correction of financial reporting
  • Reduces delay in the reporting of certified accounts
  • Gives complete and consistent information for auditors
  • Reduces deficiency findings during internal control audits
  • Ensures supporting information is accurate and delivered on time
  • Improves operational efficiency

SWIFT Accreditation

Transaction matching, reconciliation and exception management solutions from Fiserv have been accredited with the 2017 SWIFT Certified Application for Reconciliation. This is the fifteenth consecutive year that Fiserv has received the accreditation, demonstrating that we continue to meet the stringent criteria addressing support for the SWIFT 2017 Standards Release messaging standards, services and connectivity requirements.

"This reaccreditation is a reflection of continued Fiserv investment in the Accurate Reconciliation solution to meet the SWIFT FIN message reconciliation needs of SWIFT members today, and support their adoption of the ISO20022 SWIFT MX format messages," said Eric Werab, portfolio director, Financial Control Solutions, Financial & Risk Management Solutions, Fiserv. "We will continue to work with partners such as SWIFT to provide our clients with a seamless reconciliation solution to reduce operational and financial risk, increase transparency and improve the accuracy of financial reporting in the financial close."

Terms and Conditions

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Resources

Resource

Creating a Center of Excellence (COE) for Efficient Reconciliation

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.

Learn More

Resource

Reconciliation and Attestation: Better Together

To increase operational efficiency and control, forward-looking institutions are integrating their reconciliation and attestation processes to provide a single version of the truth based on accurate, real-time, transaction-level data.

Read the paper

Resource

True Reconciliation – Closing the Books on Outdated, Fragmented Reconciliation Processes

To maximize efficiency and control, institutions can benefit from "true" end-to-end reconciliation solutions that cover the full range of financial instruments and inter-company transfers.

Read the paper

Resource

Building the Business Case for Streamlining Reconciliation

Many organizations still rely on multiple systems to perform critical accounting reconciliation. This approach produces costly manual intervention to resolve exceptions and makes it nearly impossible to achieve the single version of the truth.

Read the paper

Have a Question For Us?

For more information on Financial Control Solutions and other Fiserv solutions, call us at 800-872-7882 or contact us.

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