Overview
Jordan International Bank (JIB) was established to meet the financial needs of a broad international audience. JIB’s evolution over three decades is illustrated through the increasingly personalised nature and focused means by which it serves its clients today.
Requirement
Prior to installing the Account Reconciliation module, Jordan International Bank manually reconciled all of their accounts, which was inefficient, time-consuming, and prone to errors. Their aim was to have a proven system which could automate their processes and improve audit and compliance requirements. JIB wanted to automate the bank’s reconciliation processing involving inbound SWIFT MT940/950 messages with general ledger entries extracted from the Finastra Equation core banking system on a daily basis.
Objectives
- Introduce a proven automated Account Reconciliations Module
- Reduce manual intervention and improve control
- Simplify the entire reconciliation cycle processing architecture
- Help mitigate settlement risks
- Provide complete transparency of management reporting at a granular level
The Solution
To fulfil their objectives, JIB elected to install Aqua Global’s Account Reconciliation module. Aqua Global delivered the following benefits to the bank:
- Installation of an automated system
- To pro-actively and efficiently manage query and referral facilities
- To be fully integrated with current and future versions of Equation / BankFusion
- To be compliant with existing and future SWIFT message standards
- Help mitigate settlement risks
Provide compliance for internal and external auditors - Provide better operational and management reporting
- To cover any absenteeism of personnel via automation
- To be future proofed and secure for JIB’s future business growth
- To have continuity with existing or future High Availability (HA) plans for Equation
Benefits
To fulfil their objectives, JIB elected to install Aqua Global’s Account Reconciliation module.
- Improved efficiency and profile risk
- Increased financial reporting efficiency (daily, weekly, monthly)
- Increased transparency and accuracy of bank reconciliations process
The project was effectively planned and managed between JIB’s internal IT and business users as well as Aqua Global’s consultants. This resulted in an extremely fast implementation and go live of 4 days, JIB began to immediately improve their workloads seeing efficiency gains due to high rates of auto matching whilst reducing operational effort and risk.
