Broadridge Financial Solutions announced the launch of new functionality within its PROactive solution suite for the reconciliation and automated exception handling of ATM activity.
PROactive now makes it even easier for banks to improve their accuracy and error detection by reconciling a range of ATM transaction processes including withdrawals and bank transfers.
The reconciliation of ATM-based transactions is complex due to the unstructured nature of data retrieved from the ATMs, switches and the banks’ internal systems. As a result, it can be difficult for banks to execute transaction-level reconciliations, and consequently where balances do not match it may be necessary to examine every related transaction manually to find the erroneous item. PROactive Reconciliation now includes specific functionality to handle this data complexity. It is packaged with a comprehensive reporting suite providing all of the reports required in the management of ATM-based reconciliations, and it can be deployed on a fast-track basis to automate the highlighting of processing exceptions.
Examples of ATM reconciliations covered by the new functionality include cash replenishment, individual ATM transactions, banks’ balances, float cash, ATM networks and cash deposit machines (CDM). The fact that reconciliations run overnight means that business activity reports and analysis can be available first thing every morning and the more serious issues prioritised automatically. In addition, banks improve levels of customer service as failed ATM disbursements can be identified very quickly and erroneous debits to customer accounts corrected before these cause complaints.
The solution has already been implemented by five clients. There has been a particularly strong level of demand in the Asia Pacific region but the solution is equally applicable to any geography.
The new module demonstrates Broadridge’s strategic commitment to provide packaged reconciliation and matching solutions wherever there is a standard industry-wide requirement. Firms using Broadridge’s packaged solution and services can benefit from cost and service predictabiliedictability. Broadridge aims to provide the highest standards of customer support for all aspects of reconciliation processing for any type of financial instrument and across all internal systems and external agents.
Marcus Dutton, General Manager, Broadridge City Networks, said, “We have recently been working with a number of clients looking to improve automation and risk reduction for their ATM operations. We are constantly monitoring our clients’ demands. Whenever we detect a common theme, we aim to provide a standard solution that will both enable our clients to deploy new controls more quickly and also benefit from the cost-savings that a packaged solution provides, compared to bespoke software development.”