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Lloyds TSB Asset Finance Division Improves Internal Controls and Simplifies Bank Reconciliation Processes
Overview
Created in 2000, Lloyds TSB Asset Finance Division is part of the Wholesale and International Banking division of Lloyd’s TSB Group. Lloyds TSB Group is a leading UK-based financial services group that provides a wide range of banking and financial services in the UK and overseas, principally through branches of the Lloyds TSB Bank and its wholly owned subsidiaries, Cheltenham & Gloucester and Lloyds TSB Scotland. Lloyds TSB Group is comprised of three businesses: UK Retail Banking, Insurance and Investments, and Wholesale and International Banking.
Challenges
Despite a resourceful accounting staff, reconciliation processes on the main bank reconciliation for Lloyds TSB Asset Finance Division were manually intensive. Tracking transactions was difficult as a result of the high volume and the manual processes. Lloyds TSB Asset Finance Division on occasions balanced a few days behind schedule. The company wanted to simplify their reconciliation processes, improve accuracy and increase efficiency.
Lloyds TSB Asset Finance Division wanted to better understand how its employees were performing. They wanted to increase visibility and control of their internal financial processes against a backdrop of Sarbanes-Oxley and BASLE II requirements.
Objectives
- Automate complex, multi-stage bank reconciliation processes and reduce processing time
- Increase the efficiencies of accounting staff
- Automate the escalation of open items and report on incidents and exceptions
- Incorporate their business rules by automating workflow to improve auditability and compliance with Sarbanes-Oxley and BASEL II requirements
Capabilities Provided
Lloyds TSB Asset Finance Division selected ReconNET for their main bank reconciliation to increase visibility and control of internal processes, and improve efficiencies through automation. The Trintech solution allows the company to:
- Optimize processes to reduce costs and increase performance
- Support their exception resolution processes, including reporting on incidents and exception items through built-in research features
- Better comply with Sarbanes-Oxley and BASLE II requirements through improved internal controls
- Manage the entire system without additional IT support
Testimonial
“ReconNET was the best choice for us based on its ability to handle extremely complex multi-stage reconciliation processes. As a result of having the system in place for our main bank reconciliation process, we’ve been able to reduce the number of staff involved by 50 percent, reconcile our accounts on a timely basis, better manage exceptions, and improve reporting capabilities.”
Other Information
For more information on how you too can improve internal controls and simplify bank reconciliation processes with ReconNET, contact Trintech today.
