TCS BaNCS for Reconciliations

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.