Maximus TRACE (Reconciliation application)
The Maximus TRACE automated reconciliation system allows a bank to operate at a new level of efficiency, speeding up the process and reducing efforts and increasing accuracy. Automation includes processing and reconciling huge volumes of data within short span of time. It allows the bank to achieve T+1 reconciliation thereby reducing the float which in turn reduces the cost of funds. It also increases customer satisfaction as reversals are done efficiently.
Maximus TRACE may be coupled with another Maximus product - Maximus INFOXCHANGE. Maximus INFOXCHANGE enables the bank to automate the EJ Pulling and Screen Distribution for its ATMs in the network.
ØTRACE will provide precise results through a unique reconciliation algorithm that covers the whole transaction process to find out matching transactions, unmatched transactions, amount mismatched etc.
ØRule based Reconciliation - Rules have been set for reconciliation process in a configurable way
ØManaging system reversals and manual reversals
ØAudit Trail - Complete Audit trail is generated for each user
ØRisk Assessment - For unmatched records, detailed explanation will be provided
ØExport to Excel and Export to PDF feature is available for all reports
ØReduction in time spent on searching/pulling data
ØAudit Settlement Report for each transaction
ØCore engine works at the database level, thus increases speed & accuracy
ØDatabase normalization technique to minimize the data redundancy, thus increasing the database performance
ØPurging of huge volume of data with load balancing concept
ØStructured Data - Secure and Easy for Backup
Any settlement risk would be detected at T+1, i.e., within a day of the transaction taking place. This will enable the Bank’s Operation team to detect any risk within 24 hours.Automate
Automation of the Reconciliation process has multiple advantages including lowering the FTE requirement. Manpower savings can then be deployed to higher value tasks viz., analysis and risk management.Lower your Cost of Funds
Automated and fast reconciliation of transaction enables a Bank to reduce its float. This in turn helps with the CRR and results in a lower cost of funds.