Manage enterprise-wide end-to-end reconciliations with a centralized, scalable, and cost-effective solution

With the intensive scrutiny of financial transactions worldwide, mounting pressures to reduce risks and costs, and the legacy system limitations, it has become imperative to have a robust and scalable reconciliations solution that can enhance processes and deliver exceptional value.

TCS BaNCS for Reconciliations is a global industry standard solution for end-to-end reconciliations management from loading to validating, matching, and reporting. It offers a variety of features that caters to ever-evolving requirements, ranging from standard industry to client-specific stipulations across cash, security (holding and settled trades), instruction, collateral, OTC derivatives, futures, claims and accrual reconciliations. Deployed over proven architecture, it is a centralized and smart reconciliations solution that has been installed at multiple sites worldwide.

The solution with its add-on components, offers enhanced scalability, facilitates self-service for a reconciliation setup and can help reduce external dependencies and OpEx. As a one-stop shop solution, it captures data effectively through its in-built integration with peripheral systems and its rich data transformation layer that can help manage structured and unstructured data. The components are SWIFT ready and accept ISO15022 (MT940, MT950, MT535, MT536) statements along with all validations. It is also future ready and accepts ISO20022 (camt.052, camt.053, semt.002, semt.017) statements. Available on-premise and on Cloud, TCS BaNCS for Reconciliations is a complete BPaaS offering that can help you make the transition from a capex-based multi-tiered solution to a volume-driven opex one.

TCS Bancs

Availability

Estonia, Lithuania, Latvia, South Africa, Bahrain, North America, Canada, United Kingdom, United States, Ireland, Singapore, Australia, Malaysia

Benefits

  • Improve control, reduce risk and cost

    Get well-defined controls, full audit trail, and 25%-35% opex savings with end-to-end automation

  • Enhance STP

    Get up to 99% STP rates for SWIFT-based reconciliations and similar for others using ML matching

  • Accelerate execution

    Speed up processes and roll outs by up to 50% with ML rules-prediction, self-service, Agile and DevOps

  • Improve synergy

    Drive synergies across processes, governance, and reporting by consolidating operations over cloud

  • How it works
  • TCS BaNCS for Reconciliations is a centralized and smart reconciliations solution that manages the end-to-end reconciliations process from loading to validating, matching, and reporting as per the requirements of an organization.  Available on-cloud or as a SaaS, the solution is based on the TCS BaNCS framework, which is a multi-entity, multilingual, and multi-tenant framework. The component includes a clear work segregation setup that ensures users get to see only that part of the application they need to work on. So, a user doing cash reconciliation for a set of accounts does not get to see accounts assigned to the other users. However, a common supervisor gets access to both these areas. With a highly flexible architecture, organizations can perform single-source or multi-source reconciliations, which means the input files for matching could be two or more at a time, all in the same application. TCS BaNCS for Reconciliations is a centralized and smart reconciliations solution that manages the end-to-end reconciliations process from loading to validating, matching, and reporting as per the requirements of an organization.

    1. The component can process feeds from different sources. Transactions from various sources can be matched using user defined matching rules for Cash, Position, Settled Trade reconciliations. The component is SWIFT ready and accepts ISO15022 (MT940, MT950, MT535, MT536) statements along with all validations. It is also future ready and accepts ISO20022 (camt.052, camt.053, semt.002, semt.017) statements. And any proprietary input data feeds will require a one-time configuration.

    2. User defined matching rules can be One to One, One to Many and Many to Many.

    3. Automated matching can be executed once or multiple times a day depending on the type of business.

    4. Outstanding transactions are visible in the Manual Reconciliation. Transactions can also be forced matched by users with appropriate privileges. System supports tolerance on the amount & date. The difference in amount can either be carried forward or written off as per the business requirements.

    5. Users can "Recall" (unmatch / roll back / re-open) a reconciled set.

    6. Break/Outstanding cash transactions and trades can be moved to the investigation queue based on any of the attribute's workflows /rules can be set up to assign the exceptions to different teams/departments and segregated based on area of work.

    7. Annotations (user notes/comments) can be added for a transaction or group of transactions by users who have the required access. Multiple annotations can be added, and once added cannot be edited or deleted. All annotations are displayed in reverse chronological order across all screens. Users can amend the transaction code, department assigned to the transaction, reason, resolution codes.

    8. The component comes bundled with reports, which includes outstanding & matches items.

    9. Automated or user triggered mail alerts can be done based on user defined criteria. The mail body can also be defined by the users.

     

  • Key activities
    • Configuration

      Configure the Reconciliation Type (type name, source name, business attributes, match rules attributes)

    • Integration

      Swift ready ISO15022, ISO20022. Also supports Delimited, Excel, Fixed Length Files, SFTB, MQ, DB, JMS

    • Pre-matching

      After feed validation, balances validation. Data enrichment for data quality improvement for matching

    • Matching

      Automated, semi automated-data gets matched according to user defined rules, the o/s can be matched manually

    • Post matching

      Ageing of outstanding gets computed. Cases are created. Auto allocation and investigation rules are applied

    • Annotation

      Annotations (user notes/comments) can be added for a transaction which is visible across application

    • Reports

      The component comes bundled with reports, which includes outstanding items, cases, and matched items

    • Support functions

      Online audit logs, online archive, and alerts

  • Customer contribution
    • Balance migration template

      Customer to provide the closing balance and the transaction details at the time of migration

    • Business partner list

      Customer to provide the list of external entities

    • Message feed unit

      Customer to provide the list of accounts

    • Outstanding transaction migration

      Provide outstanding list of entries as of the migration date

    • Work allocation hierarchy

      Share a logical representation to organize the reconciliation activities for an OU/country within an OU

  • About this consultant
  • TCS BaNCS' comprehensive product portfolio is dedicated to providing business solutions to financial institutions globally. The solution suite is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems. To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs or write to them at tcs.bancs@tcs.com.

    About TCS

    Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
    A part of the Tata group, India's largest multinational business group, TCS has over 592,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index.

    For more information, visit www.tcs.com.

  • Architecture diagram

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