FIS has launched the Optimized Reconciliation Service. With it, the firm aims to achieve “at least 98 per cent automated matching rates backed by financial service level agreements (SLAs)”, reveals a press release. The service is described as “a fully managed solution designed to automate the end-to-end reconciliation process for banks, corporations, and financial institutions”.
According to recent research by FIS, businesses lose an average of US$98.5 million annually on operational inefficiencies. With the new solution, the firm wants to tackle a part of the problem by cutting down the average time spent on discrepancy resolution.
Matt Stauffer, head of Back Office Solution at FIS says, “Timely, accurate data – and the insights capital markets participants can extract from it – are essential to modern capital markets firms’ success. However, many firms are still struggling to manage the exponential growth of data volume and complexity at a time when evolving regulatory requirements are further complicating manual reconciliation processes.”
