Headquartered in Green Bay, Wisconsin as a diversified bank holding company, Associated Bank holds nearly $22 billion in total assets. Associated has more than 5,000 employees serving businesses in approximately 300 banking locations across Wisconsin, Illinois and Minnesota, means that Associated must successfully complete a complex reconciliation process. Through its subsidiaries, Associated provides a wide range of financial products and banking services. In addition, Associate is listed among the “World’s Leading 2000 Companies” by Forbes magazine.
The primary sources of Associated’s challenges were manual reconciliation processes with a lack of centralization. The reconciliation process lacked standardization and their outdated technology led to delayed problem resolution due to a lack of visibility. Because of their approach, it was difficult to compare balances against other systems and uncover discrepancies between accounts. Associated Bank knew they needed to eliminate as many manual processes as possible.
Associated fulfills its need to eliminate manual account reconciliation tasks with T-Recs® by Trintech
To address their concerns, Associated selected T-Recs by Trintech because it had advanced functionality, scalability and a powerful workflow engine. After adding T-Recs to its existing network, Associated Bank was able to efficiently reconcile GL accounts and internal and external bank account balances. As well, the organization can now reconcile most accounts on a daily basis, rather than the weekly or monthly schedule that manual procedures demanded. The system provides real-time reconciliation status information, so managers always know exactly where the process stands. T-Recs also produces a reliable audit trail by recording all user activity and every change to documentation. In the end, the automation notably lowered the bank’s risk levels by safeguarding the security of sensitive financial data.
Written by: Chelsea Downey