UK bank Lloyds TSB is implementing technology from Dublin-based Trintech to automate internal reconciliation processes at its asset finance division.
Trintech says the bank is rolling out its ReconNET software to increase visibility and control of internal reconciliation processes and to improve efficiencies through automation.
The system's reconciliation algorithms streamline complex transaction-matching routines which had previously been manually processed at the bank. Exceptions may be identified within one business day and a research module can investigate non-matching transactions detected by the system.
Lloyds says the technology, which is part of a multi-phase project to simplify reconciliations across the enterprise, will also be used to measure employee performance.
Says David Potts, finance director, Lloyds: "We wanted to improve internal controls for our main bank reconciliation process. Against the backdrop of Sarbanes-Oxley and Basel II requirements, visibility and control were highly important, and we wanted to better understand how our employees were performing."
Potts adds: "As a result of having the system in place for our main bank reconciliation process, we have been able to reduce the number of staff involved by 50%, reconcile our accounts on a timely basis, better manage exceptions and improve reporting capabilities."