Aquila Account Reconciliations (AR) provides automatic reconciliation of cash, ATM, card, payment service provider data, commodities, as well as general financial data. AR allows users to manage exceptions via manual and automatic routing of issues to the responsible business areas, which can update the issue and, if authorised, propose matches.
AR provides a leading automated reconciliation solution that improves the efficiency and effectiveness of the entire reconciliations process, allowing you to control costs, improve exception management, enhance compliance, and mitigate risk.
Flexible, Rapid and Efficient with AI
AR is quick to install and configure, with institutions typically going live and benefiting from automation within a few days. AR can be complemented with other Aquila modules that control messaging, enable trade matching, and manage reporting and referral/exceptions in a single solution.
Regardless of the type of reconciliation, format, delivery method, or volume of transactions, exceptionally high automatic matching rates are achieved by utilising AI to maximise benefits with minimal effort. Aquila’s AI analyses user actions and seamlessly proposes automation choices, ensuring continual improvement.
Functionality
AR provides real-time reconciliation that can dramatically improve operational efficiency and reduce risk exposure. The solution is flexible and works with any SWIFT FIN or ISO 20022 format messages, as well as bespoke formats. Additionally, back-office ledger items for ATM, credit card, payment service providers, and other transactions can be managed. AR facilitates reconciliation of internal ledger accounts from multiple back-office systems using extracts created by those systems.
Its flexibility means AR can accept data in any structured electronic format. To assist in reconciliation, unmatched transactions can be grouped into a single item. Supported formats include SWIFT, Card, Point of Sale, ATM, Internal Accounts, CSV, PDF, Local Clearing Formats, XML, and MS Word.
Exception Processing
AR can automatically alert users to exceptions that need to be managed, including:
- Non-balancing statements
- Missing statements
- Differences between the closing balance of a statement and the opening balance of the next
Matching Rules
Flexible matching rules are configurable by users or can be automatically created as part of the AI process, saving time and effort.
Referral Management
AR provides users with the ability to electronically refer an item to a specific individual or department. This includes optional notes and an overdue date by which the query should be answered. Users assigned to answer referrals can view them electronically, add notes, set the query to answered, or refer items to another department. AR can also automatically refer specific unmatched transactions based on rules that scan statements or ledger items for specific strings, ensuring efficient action by referral users.
Proposed Matching
This feature reduces reliance on paper copies and phone calls for proposed matches. Users can electronically suggest matching scenarios for review and acceptance by another user. AR can also perform the actual matching automatically if required.
Comprehensive Reporting
AR offers a comprehensive set of reports that can be requested on demand or produced automatically as part of a normal daily cycle.
