Banking reconciliation is the procedure used to align the recorded bank account balance within a company's financial records with the balance indicated in the latest statement from the financial institution. Typically, this reconciliation involves comparing the bank's statement with the internal financial records of the entity. Read this presentation to know more.

1. Reconciliation in
Banking Industry
Lets the business flow

2. © 2023 AutomationEdge. All rights reserved. Value Led Hyperautomation
What is Reconciliation in Banking?
Banking reconciliation is the
procedure used to align the
recorded bank account balance
within a company's financial
records with the balance indicated
in the latest statement from the
financial institution.
Typically, this reconciliation
involves comparing the bank's
statement with the internal
financial records of the entity.

3. © 2023 AutomationEdge. All rights reserved. Value Led Hyperautomation
How Reconciliation in Banking is Important?
Banking reconciliations are
performed monthly, following
the closure of the previous
month's accounting records.
During this procedure, all
balance sheet accounts
undergo thorough scrutiny to
ensure that transactions have
been accurately recorded in
the appropriate general ledger
accounts. Reconciliation in
banking is important to-
Avoid
Accounting Errors
Fraud Detection
Management
Financial
Integrity
Clear Details of Income
& Expense

4. © 2023 AutomationEdge. All rights reserved. Value Led Hyperautomation
Manual Challenges with Reconciliation in Banking
Banking reconciliation is a
time intensive process that
requires high manual efforts
right from data extraction to
processing the data for further
process execution. Some of
the banking reconciliation
challenges are
Unauthorized
withdrawals
Determining
deposits
Untimely Transaction
Recording
Difference in
formatting
Trade volume &
compliance
requirements

5. © 2023 AutomationEdge. All rights reserved. Value Led Hyperautomation
Automation in Banking Reconciliation
Automation technologies like RPA,
Intelligent Document Processing, AI
chatbot and others can help in
automating banking reconciliation
process for banking industry. Have a
look at how automation work in
banking reconciliation process.
Leveraging RPA in reconciliation,
banking employees can get rid Of all
the process involved in data
reconciliation. Let's see how
automated reconciliation in
working. In automated
reconciliation, RPA bot can-
Extract Data Like
transaction
records, and
account
statements
Perform necessary
data information
such as formatting
and cleaning
Compare data
from different
resources to check
mismatched
records
Handle exceptions
by flagging
discrepancies
Generate
reconciliation
reports and logs
for audit report
management

6. © 2023 AutomationEdge. All rights reserved. Value Led Hyperautomation
Top 45 Types of Reconciliation in Banking to Automate with AtomationEdge
ATM, Debit
Cards
Transaction
Recon
IMPS
(lmmediate
Payment
Services)
UPI
Bharat Bill
Payment
System
AADHAAR
Enabled
Payment
System
Nostro &
Mirror
Account
FasTag
Accounting
& Third
Party
Payable/GL
Wise
Reconciliation
Receivable
/GL Wise
Recon
ATM Cash
Recon
Remittance
Recon
Suspense
Recon
B2C
Collection
Recon
Account
Receivable
Recon
Accounts
Payable
Recon
Remittance
Recon
GL
Accounting
Recon
Trops
Report
Recon
Bank
Statement
Recon
Bank
Reconciliation
Unique
Transaction
Record
RKB
Remittance
Recon
Auto
Spooling -
SWIFT
Nostro
Accounts
TCDC
Reconciliation
Fund
Transfer &
Treasury
Data
EasyPay
App Recon
CMS Pool
Account
Recon
Exchange
Record
Recon
Bank
Recon
Purchase
Price
Variant
Bank Recon
Consortium
payment
Recon
Motor PH
Automation
Banking
Dispatch
Recon
Communication
Recon
AMC Bank
Statement Reconciliation
Bank
Vendor
Recon
Bank
Reconciliation
System
UPI Recon
Acquiring
Process
Cash CBR
Process
Transaction
data

7. © 2023 AutomationEdge. All rights reserved. Value Led Hyperautomation
Value Led Hyperautomation
Thank You
www.automationedge.com
©Copyright 2023 AutomationEdge Technologies Pvt. Ltd. AutomationEdge, AutomationEdge Technologies, the AutomationEdge logo, and other AutomationEdge marks are the
exclusive properties of AutomationEdge Technologies Pvt. Ltd.
AutomationEdge is a leading Hyperautomation platform across the globe with end-to-end automation capabilities. With its platforms working together as one
solution, like DocEdge for Intelligent Document Processing Solution, RPA for automation of repetitive processes and fastest data processing, and Conversational AI
for Omni-channel conversations, it has enabled seamless process automation for global enterprises.
AutomationEdge has already delivered its innovative solution to large multinationals globally like American Express, Smart Dubai Government, Oman LNG, Mashreq
Bank, HDFC Bank, HDFC Life, Bharti Axa, Wipro, AccentCare, Danone, University of Maryland Medical System, Aspen Pharmacare and Genpact, to name a few.