Every day millions of trades across geographies, products, currencies need to be reconciled manually after STP by a large workforce. Each of the reconciliation traverses a different SOP rule book. Most financial services firms have siloed reconciliation systems or have multiple reconciliation activities running at the same time. This makes reconciliation a manual, time-consuming and highly costly process. Extreme fragmentation of process and huge number of business rules involved for each reconciliation makes it challenging and tedious to centralise the reconciliation process.
Algonox provides centralised reconciliation solution through our Smart RPA approach. Our scientific approach for assessment identifies 100 % automation opportunities and also suggests the possible modularity in the robotic implementation. We deploy microbots for common tasks across the reconciliations which gives a high robotic yield. These microbots serve the functional bots to achieve the individual reconciliations, automated to a large extent and making the process centralized. Automation is performed using 2 different tools based on the strength of RDA vs. RPA. Moreover, the audit trail that is generated by all the robots is reconciled against the SOP rules to make sure that the robots are performing intended actions and nothing else thus making the complete process Risk Free.