As the financial industry continues to face increased scrutiny and regulatory oversight, organizations must ensure accurate and compliant financial control and reporting structures – or face consequences. Yet many organizations spend too much time gathering data from disparate systems and relying on error-prone spreadsheets for accounting reconciliation. The result is an inefficient process and unreliable financial statements.
That's why organizations worldwide turn to Frontier™ Reconciliation from Fiserv. As one of the leading financial control solutions, it enables 60-80 percent operational efficiency gains over manual processing, reduces write-offs by 75 percent and cuts in half the risk of errors resulting in financial loss.
Our Financial Control System
Unlike some financial control software platforms, Frontier Reconciliation is a comprehensive, end-to-end account reconciliation and certification solution that handles all transaction types and financial instruments. The system integrates both transaction- and balance-level data and automates the entire reconciliation process from data acquisition and matching through period-end approvals and reviews. Frontier Reconciliation helps organizations with complex reconciliation challenges effect financial control transformation that protects the bottom line, mitigates risk and enables regulatory compliance. Learn more about the features and benefits of our financial control system below.
Fully automates the reconciliation lifecycle
Frontier Reconciliation improves efficiency and frees up resources for more value-added tasks. It significantly reduces the time to close daily and period-end reconciliation activities.
Standardizes reconciliation processes
Our financial control system 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
Our system forms a complete account reconciliation picture that makes exceptions instantly visible, eliminates manual interventions and provides rapid, cost-effective resolutions. This is made possible through transaction-based matching that enables matching at a one-to-one, one-to-many and many-to-many level.
Enforces enterprise governance and control
Frontier Reconciliation can expand within an organization regardless of assets to enforce financial controls and enable enhanced audit and compliance procedures.
Spotlight on Financial Transformation
In today’s landscape, finance executives are tasked with maintaining an innovative and forward-thinking finance organization while executing their traditional roles and responsibilities surrounding a faster, transparent, and more accurate financial close.
View this recorded webinar from Argyle to learn how organizations are replacing manual processes with automation to achieve an efficient financial close process. Also, hear from an esteemed panel of senior finance executives from CBS Interactive, GE Power Digital Solutions and Legendary Entertainment on key topics surrounding financial transformation.
Frontier Reconciliation is a powerful financial control solution with a state-based processing engine that uses configurable rules to check large quantities of financial data for accuracy against anticipated results. Users can expect the following 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
- Integrates with Fiserv core or Prologue™ Financials general ledger