Recon Software Implementation

Get professional, thorough automated reconciliation software implementation, optimization, and maintenance from people who understand your business

Discover which automated reconciliation software is right for your firm or get the most out of the program you already own. Save time and stress by having your recon software selected, implemented, and maintained by GBP Financial Solutions.

 

If this is your first crack at sourcing automated reconciliation software for your organization, we wouldn’t be surprised if you’re not quite sure which recon solution to choose.

And if you’ve already made the choice, had the software installed (or did it yourself), you could still be suffering from decreased productivity (which happens more often than most people care to admit). The thing is, you’re in the business of banking – not the profession of software implementation and optimization. And even if a vendor did the perfect job of implementation, it may not be reasonable to assume they optimized for how you run your day-to-day operations.

Here are the real problems: You’re either suffering from a lack of automation to accomplish Straight Through Processing (STP), or you’re suffering because the recon software you chose is not optimized to run at full capacity. No matter what, you’re feeling pain. And that pain won’t go away on its own. To make it worse, the people in charge are feeling it too. And they’re looking at you to take it away.

Here are the real solutions: Automated reconciliation software implementation and optimization that transforms a painstaking activity into a process that almost runs itself. We’re talking recon software that fits your requirements the first day and continuously improves week-to-week and month-to-month.

-We’re GBP Financial Solutions, LLC.-

 

Put GBP Financial Solutions on task. We’ll review your needs and recommend the recon software that works best for your organization. It could be Fiserv (Recon Frontier, NXG and Recon Plus), SunGard (Intellimatch, IntelliSuite), SmartStream (TLM, Corona, SSR), or something else. No matter what, it will be the right one for you. Once you give the go ahead, our team will implement the software and set up an optimization plan that will be executed over a scheduled time period. After that, the pain of mismatches, inefficient dashboards, and more will be gone.

Take a look at our process. It all starts with a phone call to GBP Financial Services.

 

Choosing the right Recon Software

Give us a call at 484-477-1463. Be prepared to answer a few questions. Then we’ll get to work.

 

Analysis

Begin by answering the questions we’ll ask over the phone or e-mail. The more detailed you can be at this stage, the better we will do for you in the next. We’ll start out with questions like: “What is your average volume of transactions?” Depending on how things progress, we may get more detailed: “What is the frequency of reconciliation you’d like to develop?” After our information gathering ends, we’ll go ahead with the next step.

 

Diagnosis

Benefit from our operations control experience. We’ve likely dealt with each of your issues in the past. And although it wouldn’t surprise us if your particular combination of them is unique, we’ve got enough documentation on individual concerns and enough professional expertise to yield a diagnosis. We’ve been at this since 2003. Those years of poring over details specific to financial institutions have taught us how to look beneath the issues that float on the surface and see the larger, hidden problems that are causing the real damage to productivity.

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Solution

We’ll start by selecting the recon software that comes closest to solving your problems out of the box. Then we will plan adjustments and configurations based on what we learned during the analysis phase. The next step involves determining which of our professionals to assign. Finally, we’ll write up a timeline so you’ll know what happens when, and how long it will take.

 

Presentation

This is the big reveal of what will happen over the next four to eighteen weeks. You’ll get an opportunity to see how smooth the transition will be. We’ll illustrate each step in a way that makes sense. Our process is designed to minimize the stress that comes with change. Change management governance is a process rather than a sudden event. This is key to maintaining, and even improving productivity during the software implementation. Here’s what you should expect…

 

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Automated Reconciliation Software Implementation

Increase profitability and job satisfaction with a series of efficient, incremental changes to the way you work every day. Trust that our business experience, knowledge of operations control, thorough program planning, and powerful conversion tools will make this process easy-to-manage. Here’s how it works…

 

Planning

This has been taking place since your first phone call or e-mail. It’s integral to our Analysis, Diagnosis, and discovery of your Solution. Your benefit comes from our financial business experience and access to every brand of recon software. If your first foray into Automated Reconciliation was with an exclusive vendor, you likely worked with people that knew everything about their own software, but less-than-everything about how your financial institution operates every day. Our plans are based on your needs instead of the capabilities of any given piece of software.

 

Development

This part is cool.

It’s cool because you’re part of it.

Instead of walking into the office one day and discovering that everything has changed overnight (along with the massive stress that would bring), you and your people get a chance to experience and understand small changes as they happen. We at GBP Financial Solutions have created our own way to map data files to any brand of recon software. And since we combine that with the Agile method of development, your core features can be up and running within days if not hours. And to top it off, your people will be learning every step of the way.

We start by mapping the recon software of choice to your existing data (which we can improve through our Financial Data Management service). Our implementation professionals then review, construct, and test your program – often on the first day – if the data sources are of light to medium complexity.

While we map to your data sources, our recon experts design the initial match rules and exception configurations necessary for reconciliation process validation from beginning to end. GBP Financial’s process allows the first validations of match results to happen in less than a week. This is followed by Agile-based incremental changes to your new automated reconciliation configurations. Once we’ve performed enough of these, your key people get directly involved in development.

If this is making you pause and think “Why are my managers needed now? These guys at GBP are still configuring our new system,” you’ve likely not experienced Agile development. Instead of waiting until your new Automated Reconciliation system is complete and springing it on everyone at once, we integrate your people into our team so they learn as we build. Your leaders get to taste your new recon software in digestible bites rather than have the whole plate put in front of them for consumption in one meal. They’ll end up well fed and energized rather than stuffed and sleepy. Just as restaurants improve with feedback from food critics, your new system improves with feedback from your key people. This all happens as it’s being developed. And because your managers understand the new recon software, employees they supervise will have newly-minted experts to train them.

 

Testing

Confident employees get more done. Testing builds confidence. And being recognized for providing meaningful feedback strengthens it further. We’ve put together User Acceptance Testing (UAT) protocols that allow us to teach your employees and learn from them at the same time.

Your entry-level reconciliation people should be able to sit down and work without stressing over confusion. Our Automated Reconciliation programs are built so that can happen. And they are built that way because portions are tested by entry-level people. This is their chance to review and note why certain things make (or don’t make) sense. If enough intuitive new hires wonder why some process on their task list SEEMS redundant, it’s likely that process IS redundant and needs to be cut or changed.

And don’t worry that you’ll experience endless rounds of UAT. Since your key people were involved in development, chances are great that your recon software just needs the fine-tuning that rounds out an agile GBP Financial Solutions testing process.

 

Deployment

Out with the old and in with the new. Today is often more of a celebration than a challenge. Your daily operations are now assisted by Automated Reconciliation software that works hand-in-hand with your Financial Data Management. And because of thorough development and testing, almost everyone is familiar with how it works.

 

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Optimizing your Recon Software

In order to keep Implementation costs down, it makes sense to deploy as soon as possible. Even though everything will work on day one of Deployment, you’ll likely be running only 99.25% match rate. There will still be that last .75% that needs attention. That small amount may sound negligible, but if you’re processing 1,132,458 records a day, .75% means that 8493 of them will be unmatched and need managing. We provide optimization as a series of consulting appointments to review, recommend, and execute small updates to these four categories…

 

Data Sources and ETL

Perfect your transaction cross referencing with your first consultation. And when it comes to security cross referencing, your compliance officer will thank you for the extra attention. They’re likely pleased at automation in the first place, because they’ve probably been doing it manually up until now. Finally, you can improve mapping to data sources and even improve the sources themselves.

 

Passes and Rules

Once your datasource management has been optimized, it’s time to move on to your pass list (matching rules). First we’ll help you upgrade the passes themselves, then we go after their order in the list. You’ll get the only information you want in a sequence you prefer. Adding rules is the next logical step. Completion includes adjustment of the pass and rule relationships to ultimately result in more efficient reconciliation.

 

Dashboards and your Workflow

Picture a recon software dashboard the same way you picture the dashboard from a car or truck: All the information you need is there at a glance. It’s also arranged so that you see the most important information first: How fast you’re going, how much fuel is left, and more. Your dashboard also flashes lights when something goes wrong. These lights take priority by design.

We’ll help you setup your financial dashboards so they work the same way. Everything you need to regularly review at a glance is prominent. Other information gets ranked so you can review in order. Items, exceptions, proofing, and sign-offs are displayed in the sequence that helps you get things done quickest. And if something goes wrong, your dashboard will alert you.

 

Operational Processes

Work with us to improve or completely redesign your day-to-day operations. We’ll help you improve the usefulness of your recon data. Use our assistance to better the accuracy of your ledger entries and transaction timing. Talk to us about ways to reduce costs through more automation.

 

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Recon Software Maintenance

Once we’ve optimized, your Automated Reconciliation software won’t require much attention. It’s likely you’ll want to add seats as volume increases. Maybe a financial regulation will change. And it’s possible you’ll want us to upgrade your software as new features appear. All of that is just a phone call away.

 

Get cost-effective recon software implementation, optimization, and maintenance

 


Contact The Experts at GBP Financial Solutions