Raiffeisen to run regional reconciliation from Romania
Raiffeisen is deploying Broadridge reconciliation software across across central and eastern Europe
Vienna’s Raiffeisen Bank International is to centralise reconciliation across six of its regional subsidiaries, in a move it says will lead to better automation and more efficient processing.
The bank’s operations in Poland, Bosnia and Herzegovina, Kosovo, Romania, Bulgaria and Romania will use Broadridge Financial Solutions’ PROactive Reconciliation Solution, to automate processing. The concept of installing a single standard platform across the bank’s network in the six countries was central to the project. Through its shared service centre in Romania, RBI is planning to centralise all the reconciliation of its remaining operations in Europe into a centralised hub.
“We are seeing high quality results from the solution’s advanced automation and workflow, including substantial improvements to our automated matching rates and the ability to quickly onboard additional reconciliation types, such as ATM and internal account reconciliations,” said Pierre Brisse, general manager at the bank’s Centralised Raiffeisen International Services and Payments platform in Romania. “The implementation of PROactive has enabled us to provide an ASP service internally and across multiple locations. We welcome the continued support from Broadridge in helping us achieve such strategic measures and become more self-sufficient in the management of our reconciliation processing.”
Reconciliations have traditionally been handled by manual paper-based processes. Missing data, due usually to human error, can make the reconciliation process difficult. Meanwhile, the ‘end of day rush’ can exacerbate any problems, particularly during busy periods.
Vienna-based Raiffeisen Bank regards 15 countries across central and eastern Europe where it has the majority of its branches as its home market. It is also active in Asia, and has around 14.4 million customers in total.
