ICS BANKS Nostro Reconciliation System

ICS BANKS Nostro Reconciliation System processes a comparison and matches figures of accounting records against those shown on a bank statement. The result, any transactions in the accounting records not found on the bank statement or vice-versa are said to be outstanding transactions. The system is capable of performing complex automatic reconciliation processes between all types of accounts, according to matching rules that are dynamically defined by the bank itself and its own transactions matching policies. It also enables manual reconciliation to take place whenever necessary or required.

 

ICS BANKS Nostro Reconciliation System enables the reconciliation process to be carried out electronically, either automatically or manually, rather than comparing the printouts manually from the internal ledger and the received files or swift messages.

Reconciliation Types:

- Automatic Reconciliation

  • One to One matching transactions.
  • Matching transactions will depend on the transaction amount, the DR/CR indicator and all defined matching rules which are created according to the bank’s policy.

All matched transactions with 100% matching rate will be automatically confirmed but other matched transactions will be shown to the user in order to give his approval on them.

- Manual Reconciliation

  • (Many to Many), (One to Many), (Many to One) and (One to One) matching transactions.
  • Matching transactions will depend only on the transaction amount and the DR/CR indicator.
  • Tolerance amount can be accepted in matching the transaction amounts.

The manual match can be done between one or more transactions for the first internal account and with one or more transactions for the second internal/external account according to one condition which is the total transactions amount for the first account must be equal to the total transactions amount for the second account with different sign.

 

For further information about ICS BANKS Nostro Reconciliation system, please do not hesitate to contact us at contactus@icsfs.com