Features
ReconNET Features
ReconNET is for organizations with high-volume or complex transaction matching, exception management, and operational risk management requirements. With ReconNET, you can increase visibility and control, streamline transaction management processes, and enhance reporting and analysis.
Automate Matching and Account Reconciliation Processes
ReconNET is widely used to automate daily, monthly, and periodic reconciliation and account balancing processes, especially high-volume transaction accounts (e.g., credit card reconciliation). This is useful to organizations that need to utilize powerful matching algorithms to electronically match transaction data and automatically reconcile accounts.
Keep an Accurate Record of Reconciliation Activities and System Settings
ReconNET helps you validate, monitor, and document the effectiveness of established controls to ensure compliance. A detailed audit trail and flexible reporting features simplify the creation of supporting documentation. Senior management can receive real-time information on compliance risks and unexpected costs through intelligent reporting via dashboards, standardized templates, or customized reports.
Maintain Business Rules throughout Reconciliation Operations
ReconNET allows you to define highly flexible business rules for each transaction type that control how items reconcile, and what happens when they don’t. To match your unique business environment, rules can be customized at nearly any level to permit exceptions for certain locations, accounts, operators, and more. These business rules enforce your documented financial processes to ensure your continual compliance with Sarbanes Oxley and BASEL II.
Automatically Assign, Organize, and Prioritize Research Incidents
ReconNET automates processes for the resolution of unmatched reconciliation items such as variances, missing deposits, bank deposit corrections, miscellaneous tran codes, Serial Number Zero (SNZ), and more. Built-in filters can tag items, send emails, and assign escalations to expedite the research and resolution of exception items.
Insulate Data from Manual Manipulation
ReconNET supports regulation requirements for data integrity through a closed-system architecture.
Eliminate IT Dependence
ReconNET can be implemented and operated with minimal IT involvement. You’ll get a fully commissioned solution, up-and-running and delivering measurable results in a short period of time.
Don’t hesitate, contact a Trintech representative today to get your personalized demonstration!
"Firstly, we wanted to improve internal controls for our main bank reconciliation process. Against the backdrop of Sarbanes Oxley and BASEL II requirements, visibility and control were highly important, and we wanted to better understand how our employees were performing. Secondly, we wanted to simplify bank reconciliation processes, and improve accuracy and efficiency. 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 have been able to reduce the number of staff involved by 50%, reconcile our accounts on a timely basis, better manage exceptions and improve reporting capabilities." - David Potts, Finance Director, Lloyds TSB Asset Finance Division
» learn more about Credit Card Reconciliation and Sarbanes-Oxley Compliance