Associated Bank Selects Trintech’s Reconciliation Solution
Associated Bank is part of Associated Banc-Corp, a diversified bank holding company headquartered in Green Bay,WI with nearly $22 billion in total assets.
Business Drivers to Automate
When Associated Bank doubled the size of its organization through a merger, it opted to centralize all its accounting functions. To support these organizational changes, without hiring additional staff, Associated needed to eliminate virtually all manual account reconciliation tasks. In addition, the new, larger institution required comprehensive, centralized management controls and reporting across the organization.
Because Associated planned to pursue further corporate growth, the selected solutions had to possess scalability to support additional acquisitions.
After investigating available solutions, Associated Bank chose Trintech’s reconciliation solution, T-Recs®, to automatically reconcile its general ledger (GL) accounts, as well as its internal and external bank account balances. Associated based its selection of T-Recs on its advanced functionality, scalability and powerful workflow engine.
Solution in Action
Associated now can reconcile most accounts on a daily basis, rather than the weekly or monthly schedule that manual procedures demanded. Problem resolution time has been minimized as well. With less time spent managing troublesome accounts, Associated can redeploy staff from routine tasks to the management of genuine exceptions and overall review.
Notably, implementation of T-Recs gave Associated the capability to add external ARP and Positive Pay functions to the services it offers. T-Recs provides Associated all the financial governance functionality it requires as a publicly traded company subject to Sarbanes-Oxley and other financial controls.
With T-Recs, Associated can demonstrate the existence of internal controls and produce detailed audit trails. Moreover, it can produce all the metrics reporting necessary to identify risks and prove that financial controls are working.
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