Million of statements are generated monthly by intermediaries – including online brokers – in the financial services sector relating to transactions executed on behalf of their retail and institutional customers. The data contained in these statements is harvested from the bank office system (BOS) of the intermediaries and the statements are composed using Extreme Document Composition Engine to create AFP / PDF statements.
Typically, a small sample set of statements is manually verified for accuracy. This manual process with such a small sample of statements imposes several key challenges relating to accuracy, customer satisfaction, costs,and compliance and legal issues in delivering inaccurate statements.
We offer an Auto Audit QC tool to run statement audits through automation, which offers several benefits such as:
- Reduction in manual auditing functions by over 80%
- Higher statement accuracy
- Improved customer satisfaction
- Avoiding cost of re-producing statements
- Scalable solution providing near real time visibility on statement audits
The Iris Auto Audit QC tool extracts data from the documents, which are audited based on configured rules and validations specified in the system for accuracy. Exceptions can also be reviewed in the solution.The solution has features that allow you to:
- Define statement structure for required sections and data points in statement that needs to be audited.
- Define rules and validations to perform statement integrity check; includes ability to perform mathematical functions with features to specify percentage variance.
- Define and schedule audits.
- View near real-time dashboard for all the current QC jobs that are running.
The Iris Auto Audit QC tool is based on several technologies and platforms including Java, SQL Server,Spring, TIBCO MQ, JMS and Struts.
To know more about how our customers are using this solution, please contact [email protected]