Cross Platform Data Reconciliation

Leading financial services group needs to automate custodian bank reconciliation against proprietary system.

Leading financial services group in Hong Kong, active in providing banking, insurance, financial and other related services in Hong Kong, Macau and Mainland China. Listed on the Hong Kong Stock Exchange since 1987.

    Financial Data Reconciliation Hong Kong

Data Reconciliation

CHALLENGE

Custodian banks send reports with proprietary formats. Changing those formats is not an option. Team members at the bank need to collect, transform and manually compare the data against data extracted from the bank’s own system. The task is time consuming and prone to errors.

SOLUTION

iExcel designed a system that downloads and transforms data according to a common structure, and then compares it with the bank’s own data. A set of reports is produced to identify matching and non-matching entries. Investigative tools allow quick identification of issues. Reports are customizable and offer various views. The system requires user login and has various levels of permissions.

IMPACT

Considerable time and accuracy gain. Ability to quickly indetify issues and react to anomalies.