Matching interfaces produce efficiency gains over manual reconciliation on silo software or spreadsheets. Being integrated within the FxOffice core, completed workflow and reconciliation processes are immediately available to Cash Management Modules, Treasury, Credit and Operations.
Foreign Exchange and International Payment services firms often have numerous currency nostro bank accounts to receive inbound funds and send cross-border settlement wires or domestic in-region payments like SEPA, BACs, EFT, FedACH and International ACH. The pressure of remitting payments to settle deals upon receipt of funds for FX trades is fundamental to clients relying on timely settlement of their funds. Therefore, the velocity of correctly matching inbound funds and initiating outbound remittance is very risk sensitive and demands automation and accuracy. Furthermore, Cash Management must ensure available liquidity in the appropriate nostro accounts. For planning and forecasting, it is equally important to maintain operational efficiencies for timely reconciliation of outbound settlements as well as funding and settlements of counterparty trades.
Datasoft FxOffice Reconciliation tools deliver the speed, accuracy and efficiency demands of FX and Global Payment businesses. The platform imports bank data and presents a rich user interface for fast reconciliation. Exceptions are easily identified with intuitive views and reports enabling preemptive management in any stage of the FX or payment lifecycle.