FIS (NYSE: FIS) has launched its new Optimized Reconciliation Service, a fully managed solution designed to automate the end-to-end reconciliation process for banks, corporations, and financial institutions.
Reconciliation is a critical quality assurance component in capital markets, involving the comparison of data from a firm’s internal systems with external sources like banks and brokers to ensure consistent recordkeeping among counterparties. By leveraging automation technology, FIS’ Optimized Reconciliation Service aims to enhance efficiency and reduce errors within this process, helping organizations streamline their financial data management.
Matt Stauffer, head of Back Office Solutions at FIS, stated, “Timely, accurate data – and the insights capital markets participants can extract from it – are essential to modern capital markets firms’ success. However, many firms are still struggling to manage the exponential growth of data volume and complexity at a time when evolving regulatory requirements are further complicating manual reconciliation processes. With the launch of this solution, we’re helping clients evolve beyond laborious, error-prone systems by providing an efficient solution designed to allow them to run on accurate, fast and trusted reporting data.”
Recent research by FIS, which surveyed over 1,000 C-suite executives and business leaders, indicates that businesses experience an average annual loss of $98.5 million due to operational inefficiencies. This highlights the importance of precise data, recordkeeping, and reporting workflows in today’s digital economies. The Optimized Reconciliation Service aims to achieve automated matching rates of at least 98%, supported by financial service level agreements (SLAs), and intends to significantly reduce the average time spent on discrepancy resolution.
The service is designed to be adaptable, reflecting FIS’ capacity to modernize client operations and drive greater efficiency to preempt performance challenges. This solution represents the fifth capital markets offering introduced by FIS within the last 12 months, aimed at improving the global money lifecycle. Additional information about the FIS Optimized Reconciliation Service is available at www.fisglobal.com.
FIS is a financial technology company headquartered in Jacksonville, Florida, providing solutions to financial institutions, businesses, and developers globally. As a member of the Fortune 500 and the Standard & Poor’s 500 Index, FIS focuses on advancing how the world pays, banks, and invests by assisting clients in confidently managing, growing, and protecting their businesses. The company’s expertise stems from decades of experience supporting financial institutions and businesses of all sizes in adapting to customer needs by combining reliability with innovation in financial technology.
