Global Bank Automates Nostro Reconciliation

The Challenge: A Web of Complexity and Risk

A tier-1 global bank was struggling with the immense complexity of manually reconciling its Nostro accounts across more than 50 currencies. The process was slow, resource-intensive, and highly susceptible to human error. This led to a significant number of unresolved breaks, creating substantial operational risk and tying up capital. The lack of a centralized, automated system made it nearly impossible to gain a real-time, accurate view of their cash positions across their global network.

The Solution: A Centralized and Intelligent Platform

Reconwizz implemented a powerful, centralized platform designed to tackle the bank's specific Nostro reconciliation challenges. Our solution provided a single, unified view of all Nostro activities, automating the entire process from data ingestion to final reporting.

• Direct SWIFT Integration: We established seamless connectivity with the SWIFT network to automatically ingest MT940/950 statements, eliminating manual data handling.
• Core Banking System Integration: The platform was fully integrated with the bank's core banking system, ensuring all internal records were automatically available for matching.
• Advanced Matching Engine: Our intelligent matching engine was configured with sophisticated rules to handle the nuances of multi-currency transactions, complex fee structures, and varying statement formats, achieving an exceptional auto-match rate.
• Automated Exception Management: A rules-based workflow was created to automatically categorize, prioritize, and assign exceptions to the appropriate teams for investigation, dramatically speeding up resolution times.

This comprehensive solution provided the bank with a robust, scalable, and fully audited environment for managing its global Nostro accounts, turning a high-risk manual process into a streamlined, automated function.