Automated technology drives operational efficiency in financial institutions

The need to attain high level of accuracy, integrity and confidence in data management has never been as challenging and as important as it is in today’s business environment.

Over the past three years, banks like First Bank, Zenith Bank, Ecobank and Access Bank have implemented TLM Corona Solution; a highly automated, highly scalable, and centralized tool for multi-product reconciliation and exceptions management.

Some of the product types automated by these banks by TLM Corona Recon solution include ATM, POS, NIP, RTGS, Nostro, Branch and Head Office GL Suspense, e-Banking products, Confirmation messages, commodities and securities, etc.

In general, ranging from Balance Sheet Substantiation, Card Processing Controls, Cash & Securities, Data Aggregation, Exchange Traded Derivatives (Buy-Side and Sell Side), FX Confirmations, Inter-systems, Net Asset Value (NAV), On Demand Reconciliations, Reconciliations BPO – Corona TLM Reconciliations Utility is well positioned to offer you the desired advantage on the ever increasing reconciliation need.

In one of the project close-out ceremony by a customer who is about the biggest bank in Nigeria, George Agu, managing director of ActivEdge Technologies Ltd, shared his appreciation and excitement with the customer over the impressive and remarkable results achieved and the performance of the system.

Agu said: “We are very impressed by the sheer volume of products and accounts that the team has on-boarded and automated in the system across the head office and regional operations within such a short period of time. Equally impressive is the volume of transactions (which runs into millions – processed daily in the system) and the early hour in which branches are advised of transactions needing special attention and closure of all cases raised by the system”.

It was also remarked that TLM Corona Recon Solution which currently runs in over 2000 (two thousand banks) globally can integrate all known core banking platforms including BankFusion, Finnacle, Oracle Flexcube, T24, Phoenix, etc.

In addition, the integration of corporate actions reconciliation and detection of exceptions in transactions leading to investigations and system performance enable banks to reduce their operational risk and cost through continual process improvement.

The company says that whether you are looking to replace inflexible legacy systems, build an internal processing utility, utilize SaaS or outsource the entire transaction processing operations, Corona TLM offers you the capacity to reconcile your transactions based on its innovative TLM (Transaction Lifecycle Management) technology.

Corona TLM is the most efficient Recon solution in the world today and offers the benefit of reconciling all transactions in one database replacing multiple point solutions and eliminating silos with a single strategic reconciliations platform. Banks with multi-country operations, multi-region operations or with daily transactions that run into volume can run all its reconciliation and exceptions management operations in a single database instance.

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