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.

 

Our Solution

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

 

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

Terms and Conditions

close

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.

Read the point of view paper

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 brochure

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 white 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

Resource

Frontier Reconciliation Video

Regulatory requirements, and the risks associated with issuing incorrect financial statements, mean organizations must be able to demonstrate robust financial controls and have confidence in the accuracy of the entire balance sheet.

Watch the video

Have a Question For Us?

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

Contact Us