Infosys launches solution to automate transaction reconciliation in banks

TThe solution, called Infosys Transaction Reconciliation Solution, is capable of processing up to 50 mn transactions per hour

India's second largest information technology (IT) services company Infosys today said it has launched a new solution that helps banks in automating and simplifying their transaction reconciliation process.

The solution, called Infosys Transaction Reconciliation Solution (ITRS), is capable of processing up to 50 million transactions per hour and reduces 15-50% of time taken to on-board reconciliation tasks, the Bangalore-based company said in a release today.

"With global spend on reconciliation expected to reach $1.27 billion by 2017, banks are increasingly looking for automated solutions," Infosys said. "A unified reconciliation solution such as ITRS helps banks efficiently while meeting the regulatory needs."

The new solution will enable banks to automate and centralise their reconciliation across multiple channels, including ATM, derivative, payment, clearing-settling and other reporting functions. It will also help banks to cut costs by offering tools for bank employees to perform reconciliation tasks and functions, as well as reduce need for manual interaction and increase efficiency.

"A well-planned reconciliation helps banks reduce risks emanating from disparate systems and processes or manual interventions," said Mohit Joshi, executive vice president and head of financial services at Infosys. "Lack of a centralised, automated system could lead to expensive rework of reports and delays in account settlement. ITRS draws on our extensive experience of serving the evolving technology needs of global banks."