Fintech firm FIS has launched its Optimized Reconciliation Service, a fully managed solution designed to automate the reconciliation process for banks, corporations and financial institutions operating in capital markets.
FIS Unveils Automated Reconciliation Service for Capital Markets
Reconciliation plays a crucial role in ensuring the accuracy of records across internal systems and external counterparties such as banks and brokers.
FIS said its new service aims to improve efficiency, reduce errors and bring greater consistency to back-office operations.
“Timely, accurate data – and the insights capital markets participants can extract from it – are essential to modern capital markets firms’ success,” said Matt Stauffer, head of Back Office Solutions at FIS.
However, he noted that many firms are still struggling to manage the exponential growth of data volume and complexity at a time when evolving regulatory requirements are further complicating manual reconciliation processes.
“With the launch of this solution, we’re helping clients evolve beyond labourious, error-prone systems by providing an efficient solution designed to allow them to run on accurate, fast and trusted reporting data,” added Stauffer.
The service aims to deliver at least 98% automated matching rates, supported by service level agreements.
FIS added that the tool is adaptable, enabling firms to cut the time spent on discrepancy resolution and modernise their operations while mitigating risks before they affect performance.
The company’s latest research found that businesses lose an average of $98.5 million annually to operational inefficiencies, underscoring the need for more streamlined data and reporting systems.
This is the fifth capital markets solution FIS has launched in the past year.
