Bank Account Clearing

Optimising Account Reconciliation with RPA

 Key Solution: Robotic Process Automation (RPA)

Challenge

Finance teams, especially in large enterprises, face significant challenges with bank account clearing:
• Heavy workload and untimely reconciliation: Managing complex and time-consuming tasks, including reconciling large volumes of transactions.
• Repetitive, error-prone manual processing: Handling over one million historical accounting records manually increases the risk of mistakes and consumes significant time and effort.
• Complexity of clearing logic: The variety of clearing rules makes it difficult to ensure accuracy when processing large volumes of data manually.

Solution – Automation Workflow:

Before Implementation:
  • Manual clearing accuracy of only 70% – 80%.
  • Requires significant manual effort and time to complete.
  • High error rate and inefficiency.
After Implementation:
  • Automated clearing achieves 100% accuracy.
  • The automated process iterates through multiple clearing rules, completing data calculation and matching much faster than manual clearing.
  • Saves on labour and solves backlog of historical data.
Impact

100% Accuracy

USD 200K Estimated Annual Savings

500 Cases Average Daily Processing

99% Success Rate*

*Success rate: Business personnel are required to fill in the abstract according to the rules to ensure accurate judgment of digital employees.

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