Financial organization FIS introduces enhanced reconciliation service, aiming to assist capital markets in adapting to the growing intricacy.
FIS, a global leader in financial services technology, has announced the launch of its latest innovation - the Optimized Reconciliation Service (ORS). This fully managed, automated solution is designed to revolutionize the reconciliation process for banks, corporations, and financial institutions [1][2].
The Optimized Reconciliation Service aims to bring harmony to the processes used to manage money in organizations, addressing the challenges posed by the exponential growth of data volume and complexity, especially due to evolving regulatory requirements [1][3]. By automating end-to-end reconciliation, ORS seeks to achieve at least 98% automated matching rates, significantly cutting down the average time spent on discrepancy resolution [1][2][4].
Key benefits of the Optimized Reconciliation Service include a reduction of manual reconciliation tasks by about 73% and a 50% cut in full-time equivalent (FTE) costs through automation and AI-driven data processing [3]. Real-time data handling facilitates faster insights and timely decision-making [3]. ORS also supports regulatory compliance, improves consistency in back-office operations, and helps prevent costly operational inefficiencies, which FIS research suggests cause businesses an average loss of around $98.5 million annually [2][4].
Moreover, the cloud-native deployment and adaptability to evolving data and regulatory environments help financial institutions future-proof their reconciliation process [3][4]. Matt Stauffer, head of Back Office Solutions at FIS, stated that timely, accurate data is essential for modern capital markets firms' success [5].
Reconciliation is a quality assurance element in functioning capital markets, where internal data is compared with external sources to ensure consistent recordkeeping. The Optimized Reconciliation Service is intended to address challenges before they impact performance [5].
For more information about the FIS Optimized Reconciliation Service, visit www.fisglobal.com.
[1] FIS' Optimized Reconciliation Service Aims to Streamline and Improve the Reconciliation Process for Banks and Financial Institutions. (n.d.). Retrieved March 15, 2023, from https://www.fisglobal.com/about/news/press-releases/fis-optimized-reconciliation-service-aims-to-streamline-and-improve-the-reconciliation-process-for-banks-and-financial-institutions
[2] FIS Launches Optimized Reconciliation Service to Streamline Capital Markets Operations. (2023, March 15). Retrieved March 15, 2023, from https://www.finextra.com/pressarticle/89784/fis-launches-optimized-reconciliation-service-to-streamline-capital-markets-operations
[3] FIS Optimized Reconciliation Service to Improve Efficiency and Reduce Errors in the Reconciliation Process. (2023, March 15). Retrieved March 15, 2023, from https://www.finextra.com/pressarticle/89786/fis-optimized-reconciliation-service-to-improve-efficiency-and-reduce-errors-in-the-reconciliation-process
[4] FIS Optimized Reconciliation Service to Help Clients Evolve Beyond Laborious, Error-Prone Systems. (2023, March 15). Retrieved March 15, 2023, from https://www.finextra.com/pressarticle/89785/fis-optimized-reconciliation-service-to-help-clients-evolve-beyond-laborious-error-prone-systems
[5] FIS Launches Optimized Reconciliation Service to Streamline Capital Markets Operations. (2023, March 15). Retrieved March 15, 2023, from https://www.globenewswire.com/news-release/2023/03/15/2615950/0/en/FIS-Launches-Optimized-Reconciliation-Service-to-Streamline-Capital-Markets-Operations.html
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