Effortless Bank Reconciliation for Modern Financial Institutions
Say goodbye to tedious manual matching. Reconwizz automates the entire bank reconciliation process, from statement import to exception resolution, delivering unmatched speed, accuracy, and control over your cash positions.
Where Manual Processes Fall Short
Overwhelming Transaction Volumes
As your institution grows, so does the number of transactions. Manually sifting through thousands of bank statement lines and internal records is not just slow; it's unsustainable. Reconwizz handles millions of transactions with ease, scaling as you grow.
Unidentified Discrepancies
Timing differences, bank fees, interest charges, and simple human error create discrepancies that are difficult to spot. These unidentified items can lead to inaccurate cash flow forecasting and expose the business to financial risk.
Multiple Data Formats
Banks provide statements in various formats (MT940, CAMT, BAI2, CSV, Excel). Manually converting and standardizing this data before reconciliation can begin is a major time sink and a frequent source of errors.
Lack of a Clear Audit Trail
Spreadsheet-based reconciliation lacks the robust, unalterable audit trail required by auditors. Proving the validity of your cash balances becomes a stressful, time-consuming scramble for supporting documentation.
Achieve Daily Cash Clarity and Control
Flexible & Automated Data Ingestion
Reconwizz seamlessly imports and parses bank statements in any format (MT940, CAMT.053, BAI2, CSV, Excel) alongside your internal cash book or ERP data. Our system automatically standardizes the data, preparing it for immediate, accurate matching without manual intervention.
Powerful One-to-Many Matching Rules
Our sophisticated matching engine goes beyond simple one-to-one matches. It handles complex scenarios like one-to-many, many-to-one, and many-to-many relationships. Configure powerful rules to automatically group payments, match against outstanding items, and achieve match rates of up to 99%.
Streamlined Exception Handling
Items that don't match automatically are routed to a dedicated exception queue. Your team can investigate, split, group, or write-off items with full annotation and supporting documentation. This creates a clear, collaborative workflow and a complete audit trail for every single transaction.
Real-Time Cash Visibility
Generate bank reconciliation reports, aging analysis of outstanding items, and performance dashboards on-demand. Gain instant insight into your true cash position, monitor for potential issues, and provide auditors with comprehensive, drill-down reports at the click of a button.
Diving Deeper into Bank Reconciliation
Bank reconciliation is a fundamental accounting process that ensures the money leaving an account matches the actual money spent, and that the money entering an account matches the money received. This verification is crucial for financial integrity.
The Core Process
The process involves comparing the internal financial records (cash book) against the records provided by the bank (bank statement). The goal is to identify and account for any differences, ensuring both sets of records are in agreement.
Why It's Crucial
Accurate bank reconciliation is vital for detecting fraud, managing cash flow effectively, preventing accounting errors, and maintaining an accurate financial picture for strategic decision-making and regulatory compliance.
Types We Handle
Reconwizz is equipped to handle all forms of bank reconciliation, including complex Nostro and Vostro accounts for correspondent banking, internal suspense accounts, and standard cash book to bank statement reconciliation for all your operational accounts.
Your Questions Answered
Reconwizz can automatically import and process bank statements in any standard format, including MT940, CAMT.053, BAI2, as well as custom CSV and Excel files. Our flexible data mapping tool allows us to connect to any data source effortlessly.
Our intelligent rules engine can be configured to automatically identify and post common transaction types like bank charges, interest, and other fees. This eliminates the need to manually account for these items, further increasing your automation rate.
Absolutely. The platform is specifically designed to handle the complexities of correspondent banking, including Nostro and Vostro account reconciliation. It can manage multiple currencies, different statement formats, and the specific matching criteria required for these accounts.