BOOK A DEMO

Client story

How Xceptor accelerated a global investment bank's reconciliation process by 50-75%

Our customer, a large global investment bank, had multiple reconciliation providers which were costly and inefficient to maintain.

How Xceptor accelerated a global investment bank's reconciliation process by 50-75%

Situation

Reducing lengthy and manual-heavy processes

The primary enterprise reconciliations platform was taking up to four weeks to onboard a new reconciliation compared to one to two weeks with Xceptor. Alternative platforms did not have the functionality to handle the required complexity and size (up to 200 columns) of reconciliations. 

The resulting failure of these complex reconciliations meant that the bank faced the risk of not being able to reconcile its derivatives trading with various trade repositories and counterparties to find and mitigate erroneous trades.

The reconciliations teams wanted to reduce the need for support from overstretched IT teams to achieve a quicker resolution to improve operational efficiency and minimize risk exposure. 

Pain points

A large number of reconciliations to migrate created a lengthy process. Negative user experience caused by a manual-heavy process required to fix failing reconciliations on the existing platform. This had an impact on revenue due to maintaining multiple reconciliation platforms which were inefficient and costly.

There was also a heavy reliance on the development team to create new reconciliations.

Solution

Consolidating reconciliations onto an enterprise-scale platform

The bank chose Xceptor because it needed to consolidate reconciliations onto an enterprise-scale platform that could solve a wide variety of simple and complex reconciliations in a quick timeframe. The new solution also needed to allow for growth, since new reconciliations would be added in addition to those migrated from their existing providers. In total, the new solution would need to support over 500 reconciliations within the Capital Markets division, located across the globe.

Xceptor offered speed to market and ensured accuracy and error reduction of data reconciliation. With flexibility-based business rules, one platform can adapt to each user's needs with a 'data first' approach, and then configure the appropriate business processes. With complex reconciliation capabilities, up to 200 columns can be configured.

All actions are tracked and logged within one platform with a full audit trail. Easily configured custom reports allow regulatory changes to be addressed quickly and efficiently.

The three key project stages

 

Layer_1-1

Extraction

Extraction of trade data in different formats, including XML and JSON, from different systems.

Layer_2-1

Validation

Validation prior to integration into Xceptor Reconciliations.

Layer_3-1

Exception management

Exception management by outlining discrepancies needing human intervention.

Results

Streamlined reconciliations operation

The cost savings and greater functionality provided by Xceptor have allowed our customer to run their operations more efficiently and cost-effectively by managing all new reconciliations on one platform. 

We have enabled our client to achieve data integrity, by automatically extracting and validating data efficiently, and focusing on the key breaks identified during the reconciliation process. 

Our client’s operations team can build their own reconciliations, enabling IT to focus on advanced technical work. Users are now able to create or update simple reconciliations with just five hours of training.

Results reported by our clients

350 (approx) distinct reconciliations now running
60 users worldwide trained to create reconciliations on Xceptor
+70 Xceptor JIRAs developed by users
50% reduction in time it takes to set up a reconciliation compared with previous solution
80% of reconciliations, formerly reconciled and run in Excel or similar apps, now automated using Xceptor

All reconciliations now migrated to Xceptor

quote

Xceptor is helping us to succeed in replacing three existing tools with one solution, resulting in huge cost savings. Reducing the time it takes to train operational teams to set up and manage simple reconciliations, allowing them to manage breaks in half the time. With the next release of the Xceptor Platform, we will migrate more complex reconciliations across, accelerating time to market.”

Head of Reconciliations
Global Investment Bank

Accelerate your reconciliations process

Speak to our Capital Markets experts to find out how.

Contact us
Contact us