The Life Insurance Company has multiple accounts and multiple products across 85 processes. Compiling and computing over 200 data files for Banks and Vendor Reconciliation and receipts management. These processes include Internet banking, Cash Management (CMS), Central collection, Credit Card Mandate and various vendor files inclusive of Wallet based entities.
Handling huge volume of transactions, managing a number of bank accounts, and different file formats from various vendors had posed a big challenge for the Daily Reconciliation process.
QuickReco Tool performed end-to end automation which included the following: