Infosys launches new solution for banks

Banks increasingly looking for automated solutions as global spend on reconciliation expected to reach $1.27 bn by 2017

The country's second largest software services firm Infosys today launched a new solution to help banks simplify transaction reconciliation processes.

Infosys Transaction Reconciliation solution (ITRS) is a unified solution that helps banks automate and centralise their reconciliation across multiple channels, reduces costs by offering simple, easy-to-use tool for bank employees to perform reconciliation tasks and functions, it said in a statement.

With automation and optimisation, the solution helps reduce the need for manual interaction and increases performance through auto-matching and straight through processing, it added.

With global spend on reconciliation expected to reach $1.27 billion by 2017, banks are increasingly looking for automated solutions.

A unified reconciliation solution such as ITRS helps banks efficiently while meeting the regulatory needs, it said.

The solution is capable of processing up to 50 million transactions per hour and reduces 15 to 50% of time taken to on-board reconciliation tasks.

"A well-planned reconciliation helps banks reduce risks emanating from disparate systems and processes or manual interventions," Infosys Executive Vice President and Head of Financial Services Mohit Joshi said.

Lack of a centralized, 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, he added.