SunGard said that the deployed solution helped the CBA to reduce operational risk by automating manual reconciliations and increasing the speed with which investigations can be performed.
Specific transactions being reconciled by the centralized platform include cash nostro and suspense accounts, interbank clearing transactions, ATM card settlement and FX/MM confirmations.
With SunGard’s Ambit Reconciliation solution, CBA has automated and centralized its reconciliations, resulting in the implementation of standardized processes throughout the bank. The solution also helps CBA identify exceptions early, helping reduce the cost of error.
SunGard said that the solution’s dashboard provides consolidated views across all asset classes and business lines, helping improve visibility and control.
CBA managing director Isaac Awuondo said that the bank now has a web-enabled solution for real-time matching and reconciliation that will help it reduce risk, improve control and eliminate manual processes. Ambit Reconciliation’s dashboard capabilities will also help to benefit from enhanced reporting at all levels of management.
