FIS Launches Optimized Reconciliation Service to Help Capital Markets Adapt to Evolving Complexity

FIS^® (NYSE: FIS), a global leader in financial technology, today announces the launch of its innovative Optimized Reconciliation Service, a fully managed solution designed to automate the end-to-end reconciliation process for banks, corporations, and financial institutions.

Reconciliation is a crucial quality assurance element of functioning capital markets, where data from a firm’s internal systems is compared with external sources like banks and brokers to ensure consistent recordkeeping amongst counterparties. Using automation technology, FIS’ Optimized Reconciliation Service aims to unlock efficiency and reduce errors in this process, ultimately helping organizations bring harmony to processes used to manage their money at work.

“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, 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 laborious, error-prone systems by providing an efficient solution designed to allow them to run on accurate, fast and trusted reporting data.”

Elevating a Crucial Service

FIS’ latest research initiative, which surveyed 1,000+ C-suite executives and business leaders, found that the average business loses $98.5 million annually on operational inefficiencies, illustrating the importance of airtight data, recordkeeping and reporting workflows in today’s digitized economies.

The solution seeks to achieve at least 98% automated matching rates backed by financial service level agreements (SLAs) and aims to significantly cut down the average time spent on discrepancy resolution. Optimized Reconciliation Service is also positioned to be adaptable, illustrating FIS’ ability to modernize clients’ operations while also driving greater efficiency to address challenges before they impact performance.

As the latest example of FIS innovation, the Optimized Reconciliation Service is the fifth capital markets solution FIS has launched within the last 12 months to help bring greater harmony to the world’s money lifecycle.

For more information about the FIS Optimized Reconciliation Service, visit www.fisglobal.com.