We value your privacy

We use cookies to improve the user experience and analyze its performance.

Privacy Policy

ReconArt, Inc.

SITE PRIVACY POLICY

This Privacy Policy governs the manner in which ReconArt, Inc. (“ReconArt”) collects, uses, maintains and discloses information collected from users (each, a “User”) of the ReconArt.com website (“Site”). This privacy policy applies to the Site and all products and services offered by ReconArt.

Personal identification information

We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, fill out a form, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.

Non-personal identification information

We may collect non-personal identification information about Users whenever they interact with our Site. Non-personal identification information may include the browser name, the type of computer and technical information about Users means of connection to our Site, such as the operating system and the Internet Service Providers utilized and other similar information.

Web browser cookies

Our Site may use “cookies” to enhance User experience. User’s web browser places cookies on their hard drive for record-keeping purposes and sometimes to track information about them. User may choose to set their web browser to refuse cookies, or to alert you when cookies are being sent. If they do so, note that some parts of the Site may not function properly.

How we use collected information

ReconArt may collect and use Users personal information for the following purposes:

  • To improve customer service:  Information you provide helps us respond to your customer service requests and support needs more efficiently.
  • To personalize user experience:  We may use information in the aggregate to understand how our Users as a group use the services and resources provided on our Site.
  • To improve our Site:  We may use feedback you provide to improve our products and services.
  • To send periodic emails:  We may use the email address to respond to their inquiries, questions, and/or other requests.

 

How we protect your information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.
Sensitive and private data exchange between the Site and its Users happens over a SSL secured communication channel and is encrypted and protected with digital signatures.

Sharing your personal information

We do not sell, trade, or rent Users personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.

Changes to this privacy policy

ReconArt has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the bottom of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

Your acceptance of these terms

By using this Site, you signify your acceptance of this policy. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.

Contacting us

If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at: ReconArt – info[at]reconart[dot]com

reconart logo
  • The Solution
    • Bank Reconciliation Software
    • Credit Card Reconciliation Software
    • AP / AR reconciliation Software
    • Securities, Positions&Trades Reconciliation
    • Financial Close Management Platform
      • Financial close: task management
      • Financial close: Balance sheet reconciliation and certification
      • Financial close: Variance analysis
    • Journal Entries Approval Workflow
    • Intercompany Reconciliation Software
    • API for integration of Reconart with other systems
  • Editions
    • Essentials
    • Certify
    • Plus
    • Close
    • Enterprise
  • Software Overview
    • About Us
    • Software Profile
    • Automation Tool
    • Netsuite Account Reconciliation
    • Integration Ready
    • Customer & Industry Profile
    • Security
    • Product Evolution
  • Case Studies
  • Partners
  • Blog
  • Contact Us
main image
ReconArt 
Blog
arrow-right icon follow our blog
Jul / 9 / 2024

Reconciliation in Banks and Financial Institutions

A detailed knowledge of reconciliation processes in banks and financial institutions(FIs) is a core competency at ReconArt, yet it never ceases to amaze us how every client’s focus is on a different process with a distinct set of challenges. We are fortunate to have worked with a wide range of great institutions: from small environments with a handful of users focused on a particularly painful reconciliation, to medium and large players with hundreds of users working across the Total Reconciliation Lifecycle in a centralized reconciliation function. This experience has taught us over the years that every new technology implementation is an opportunity to rise to the occasion of truly understanding each client’s needs and the rich business logic that governs their workflow – and to learn from it.

Some of ReconArt’s most powerful functionality conceptually evolved from this exact sensitivity and the ability of the ReconArt product to grow and adapt to the vast – and evolving – reconciliation needs of the Banking and Financial Industry sectors. Here are some things we have learned along the way about the factors which often make account reconciliation in this space a challenge:

  1. Lack of Governance. Reconciliation is often a ‘lone beast’ of sorts, not fully owned by a particular department. Instead, the process is spread across departments and one-off individuals, with fragments in Accounting, Finance, Operations, IT, Risk, Compliance, and a variety of analysts. Without a clear mandate of what is done, when, and by whom, nobody truly owns the reconciliation process. As a result reconciliations do not follow specific principles and often lack accountability.Bank Account Reconciliation
  2. Incomplete processes.Although there is usually huge amount of time and effort put into collecting and comparing pieces of information, a true reconciliation is rarely performed across the board. The business priority is typically to ensure the fulfillment of the customer-facing product – as opposed to actually performing a thorough financial control reconciliation across the entirety of systems and operations. Instead of ensuring financial integrity, those sporadic and fractional data comparisons are often confused for reconciliations and provide only more limited control over financial activities.
  3. Layers of Complexity.One characteristic of the Banking and FI space is the typically longer transactional workflow. This often involves multiple systems and subsystems. Lack of clear process principles and low visibility into the transactional workflow means that transactions are rarely followed end to end. Core systems, GL/accounting systems, treasury systems, data warehouses, loan origination systems, ATM/teller cash systems, trading/investment systems. All of these (and more), each with their different data formats and limitations, expose the business to risk of errors, omissions, and fraud.
  4. High Transactional Volume.The banking and financial industry is notorious for having high transactional volumes. This further complicates the institutions’ ability to take control of their transaction reconciliation processthrough traditionally available and widely used instruments such as spreadsheets and ad-hoc and in-house developed tools. The tendency to add headcount to crunch numbers in spreadsheets, and to engage technology resources for each additional product line, gives the soothing illusion of control. However, in the long-run as volumes increase, systems suffocate and processes become even more convoluted.
  5. Regulatory Compliance.With all of the above at play, it is not a surprise that sometimes even large and established institutions slip and a scandal or even a financial crisis erupts. Regulators then react (some would argue overreact) by creating industry-wide regulations to tighten controls that could have been there in the first place. It is, therefore, no surprise that evolving regulations that govern this industry often catch institutions ill-prepared to comply. New regulations often inspire in-depth process reviews and stir ambitions for improvement, but by the time a new process is legitimately in place, a new regulatory challenge is already knocking on the door. Many institutions simply can’t keep up and never achieve the peace of mind of being fully and consistently compliant.

We have learned that the true industry leaders take the proactive approach by deploying best practices and tools as they become available rather than being reactive to legislations and regulations. Where the former leads organizations ahead of the curve and provides competitive advantages, the latter is a never-ending vicious circle of which many fall pray in today’s volatile marketplace.

Find out more about ReconArt for Banks and Financial Institutionshere.

Geri Daviesis ReconArt’s Vice President of Client Success based in the company’s Alexandria, VA head office. By working closely with ReconArt’s sales and delivery groups, she ensures the intricate cross-team collaboration that contributes to ReconArt’s place as a leading provider of reconciliation and period close software for FIs and other organizations. Geri can be contacted at geri.davies@reconart.com.

Share this post

Ready to learn more about our solution?
Let’s Talk Reconciliation in Banks and Financial Institutions

Case Study

Premier Credit

Premier Credit

Industry: Finance, Financial Services, Lending
Focus: Multiple Bank Sources, Automation

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa.

read more

ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Gathern
Navan
Klar
Daikin
Expedia
Umpqua bank
Calgary co op B&W
deVolksbank
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
New York City Department of Finance
Worldremit
Bill
Catalyst
Xendit
Agency Insurance Company
MidFlorida Credit Union
Sparkasse Bank Malta

Let's Talk

We welcome the opportunity to explore your needs and introduce you to our solution.

Let us know you have interest
What to expect from us
  • check iconQuick response
  • check iconCollaborative discovery
  • check iconTransparency and openness
  • check iconClear next steps
facebook icon
twitter icon
Linkedin icon
ReconArt Americas
4720-E Langston Blvd,
Arlington, VA 22207
United States
1-855-RECONART (Toll Free)
ReconArt Worldwide
+1 571-210-2444 info@reconart.com
Copyring 2025 ReconArt, Inc. All Rights reserved.
Terms & Conditions | Privacy Policy