Valero Energy Corporation Improves Productivity and Exception Management with ReconNET and the DataFlow Transaction Network
Overview
Valero Energy Corporation is one of the nation’s largest retail operators with 4,700 retail and wholesale branded outlets in the United States, Canada and the Caribbean under various brand names including Diamond Shamrock, Shamrock, Ultramar, Valero and Beacon. Valero Energy has used ReconNET since 1998 to assist with daily deposit verification and reconciliation services for more than 1000 company-owned stores.
Challenges
Valero Energy’s reconciliation team manually reconciled deposits for its company-owned stores. This effort was both labor-intensive and time-consuming. Bank statements for 450 bank accounts were received weekly for concentration accounts and monthly for banks that handled one or two stores. The large number of bank accounts, delays with bank statement delivery, and antiquated procedures resulted in excessive bank fees, costly idle balances and increased exposure to losses due to field personnel not being notified of unexplained shortages for two to six weeks.
Objectives
Valero Energy wanted to:
- Increase staff productivity and efficiency
- Consolidate bank accounts and reduce bank fees
- Quickly detect and resolve exceptions to eliminate losses due to error or fraud
- Automate communication with the field
Capabilities Provided
Valero Energy selected ReconNET and the DataFlow Transaction Network to improve reconciliation, reduce exposure to fraud and trim bank fees. The solutions provided:
- Daily automated reconciliation
- Immediate detection of issues for review
- Timely month-end processing
- Validated and consolidated data from banks
- Detailed reporting
Testimonial
“By implementing ReconNET and the DataFlow Transaction Network we have seen significant financial savings. Staff productivity is great. New efficiencies have allowed us to add projects without increasing staff.” - Stan Lear, Supervisor UAR Development
Other Information
For more information on how you too can improve productivity and exception management with ReconNET or the DataFlow Transaction Network, contact Trintech today.
