The Daily Automatic Bank Reconciliation allows faster and more efficient management over receipt and payments of cash with your bank, which is especially effective for companies with a high volume of daily transactions. Implementing Daily Automatic Bank Reconciliation delivers reports for real-time intelligence on cash flow data to enhance your cash status.
Daily Automatic Bank Reconciliation enables businesses to achieve 90% success rates in matching payments with transactions appearing on statements, drastically reducing the need for time-consuming manual intervention. A bespoke solution designed by Invenio, it is built on a standard SAP module (Electronic Bank Statements).
The solution imports bank information from all banks globally
Ability to deal with statements for SWIFT, Multi-Cash, BAI, etc.
Unique algorithms can be designed to meet higher matching success rates
Algorithms can be designed to include reconciliation of company credit cards
Commercial bank’s unique data formats are programmed to enable automatic reconciliation
Reduced manual intervention
Reduce you manual processing efforts by 30% and increase department efficiency
Faster daily reconciliations have helped management postpone payment which could have resulted in overdrafts / bounced checks / insufficient-fund fees and interest
Less time spent on errors
With less time spend on investigating errors, the team can concentrate on reporting and analysis