Infosys launches new unified reconciliation solution for banks
Infosys, the country's second largest software services firm, on Thursday launched a new solution to help banks simplify transaction reconciliation processes.
Infosys
Transaction Reconciliation Solution (ITRS) is a unified solution that
helps banks automate and centralise their reconciliation across multiple
channels, reduces costs by offering simple, easy-to-use tool for bank
employees to perform reconciliation tasks and functions, the IT services provider in a statement.
With automation and optimisation, the solution helps reduce the need for manual interaction and increases performance through auto-matching and straight through processing, Infosys added.
With global spend on reconciliation expected to reach US $1.27 billion by 2017, banks are increasingly looking for automated solutions.A unified reconciliation solution such as ITRS helps banks efficiently while meeting the regulatory needs, the company said.
The solution is capable of processing up to 50 million transactions per hour and reduces 15 to 50 per cent of time taken to on-board reconciliation tasks.
"A well-planned reconciliation helps banks reduce risks emanating from disparate systems and processes or manual interventions," Infosys Executive Vice President and Head of Financial Services Mohit Joshi said.
Lack of a centralised, automated system could lead to expensive rework of reports and delays in account settlement.
ITRS draws on our extensive experience of serving the evolving technology needs of global banks, he added.
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