The fundamental goal of any financial reconciliation process is to find differences where none should exist and if found that these differences can be managed to resolution quickly.
Reconciling amounts paid and received on instruments held electronically with custodians is a regular task for any bank that needs to be completed with precision and an eye for detail if its book of record is to be accurate.
Successful reconciliation ensures operational efficiency and accuracy, the control of any variations and proper audit and regulatory compliance.
paragon’s Custodian Reconciliation module removes the dangers associated with so-called “tick and tie” manual checking of high volume records by automating reconciliation within set tolerances so that our sophisticated matching engine finds the discrepancies. Your focus is to resolve finding the exceptions and not finding them.
Where records fall outside accepted tolerance levels, paragon identifies and then delivers them to your processing team as an exception requiring manual intervention, along with the reason for the failure to match.
One of the more frustrating challenges for any effective reconciliation procedure is to keep up to date the data provided by different custodians as each of them may have their own formats.
paragon gives users the ability to amend any changes to custodian details without the need for specialist IT knowledge. paragon’s inclusion of templates to store and reference custodian static data means users can make adjustments themselves immediately after they have been advised of any changes, avoiding expensive coding changes.