Many organizations rely on multiple systems to access the data required for monthly and quarterly accounting reconciliation. 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 Frontier™ Reconciliation from Fiserv. It enables operational efficiency gains over manual processing of 60-80% and cuts the risk of errors resulting in financial loss in half.
Frontier 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.
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
- 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