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Corporate Account Reconciliation at Your Fingertips

 

 

 

Our corporate treasury solution – FinOps Suite* – is based on FinTPc, one of the dear cousins of the FinTP product that banks use to achieve straight through processing and much more.

 

One of the things to love about it is the otherwise underrated account reconciliation... Reconciliation is a critical control for your business and its automation significantly increases your overall efficiency.

 

Ten months into our FinOps Suite project, it’s high time you took a look at one of the reconciliation flows that FinTPc offers, the one that matches payments with debit transactions from bank statements.

 

 

FinTPc Reconciliation Steps (Automatic / Manual)


  1. FinTPc fetches payment files from the corporate’s core applications (Human Resources, Accounting, etc.)
  2. Groups of payments are authorized by users in order to send them to the banks.
  3. FinTPc fetches statements from each bank involved.
  4. According to the criteria previously defined in the application, the debit records from the fetched statements and the payments sent to banks are submitted for automatic reconciliation.
  5. If all defined criteria are matched, the transactions involved are automatically matched.
  6. If only a subset of defined criteria is matched, the transactions involved are offered, in order to be manually confirmed or rejected by users.
  7. Also, the application allows users to select a transaction to be manually matched. In this case, after selecting the transaction, the user needs to select the pair of this transaction and manually match them.
  8. For monitoring and decision-making purposes, custom reconciliation reports are available for operations or business users.

 

In a very similar manner, FinTPc also reconciles issued invoices with credit transactions, as well as received invoices with debit transactions from bank statements.

 

Should any of the above ring a bell, feel free to get in touch with us for more info and learn how our services can benefit your business in more ways than one.

 

 

*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 


FinOps Suite Building Blocks

 

 

 

Having FinTP as a starting point, FinOps Suite (our SMEs & corporate treasury open-source software solution) follows the same high-level architecture, but features a new user interface and reworked functionalities and workflows.

 

As its tagline suggests (Making financial operations easy), FinOps Suite is aimed to automate a company’s processes and flows in treasury departments.

 

It is positioned in the center of financial flows within a company, integrating core systems that process financial transactions (Human Resources Application, ERP, EDI, Accounting) and applications connecting to banks, either directly (Internet Banking / Cash Management application) or via market infrastructures such as SWIFT or local CSMs.

 

 

FinOps Suite Key Benefits


  • Consolidation of all corporation/group financial transactions
  • Streamlining operations by:
    • integrating payments from other applications
    • flow automation
    • automatic generation of consolidated reports
    • risk containment of duplicate or invalid payments
  • Reducing fraud-related risks in connection with bank interface access
  • Generating reports and company relevant statistics
  • Reconciliation between payments and bank statements and/or invoices

 

 

Product Features


All custom FinOps Suite configurations / deployments are made up of the following mandatory features:

  • Administration
    • Users and Rights
    • Application Management and configuration (including routing logic, parameters, alerts, validations)
    • Business Management configuration of various lists (partner banks, entities and accounts, partners and accounts, black lists and so on)
  • Application Interfaces – external interfaces to other applications, for importing / sending financial transactions in various structured formats
    • Payments from Back-Office
    • Bank Statements
    • Invoices from Back-Office
  • Transactions Processing
    • Create/Edit Transactions (including enriching them based on the lists defined in FinOps Suite)
    • Transaction Templates
  • Reporting – predefined or customized reports based on persistent data stored in FinOps Suite
  • Audit Trails – ensure the basis for tracking workflows and exceptions or recording user actions within the application, necessary for performing investigations for exceptions or consistency checks
  • Archiving – automates the export of processed data from FinOps Suite into backups (external files), based on criteria specific for each workflow

 

While optional, Reconciliation is a highly sought feature, providing support for automatic or manual matching between two sources of data.

 

 

 

*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 

 

 


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