Headquartered in St. Paul, Minnesota within the national Farm Credit System, AgriBank assists some 238,000 borrowers; it lends money to farmers, ranchers, agribusinesses and rural homeowners, while also providing risk management and retail banking services. Serving a 15-state region extending from Wyoming to Ohio and Minnesota to Arkansas means that AgriBank must successfully complete a complex reconciliation process. As a risk management provider, AgriBank must also be a prime example of low-risk financial governance.
The primary sources of AgriBank’s challenges were manual reconciliation processes with a heavy reliance on spreadsheets. The reconciliation process lacked standardization and prepaid schedules were still being manually maintained in error-prone spreadsheets. Because of their approach, it was difficult to locate and produce invoices related to these schedules. AgriBank knew they needed to eliminate as many manual processes as possible.
To address their concerns, AgriBank selected Trintech’s T-Recs solution because it has the ability to reconcile all types of accounts using defined workflows to automatically apply the correct rules to each reconciliation type. After implementing T-Recs, all of AgriBank’s reconciliations and exception items, along with appropriate backup, are systematically routed through an automated workflow to the appropriate user for review and signoff. 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.
To learn more about how AgriBank solved their reconciliation challenges and created a reliable, audit-ready documentation process, download the case study.
Written by: Chelsea Downey