- March 28, 2019
- Posted by: Jide Alaka
- Category: Blog, IT
Accounts reconciliation, stock reconciliation and all forms of reconciliation is a cumbersome and time-consuming task – a realisation Niyi came to after he was sent to the department to serve time for insubordination.
Having always believed a bank job to be glamorous – all about the suits, the cloths and the nearness to easy credit, Niyi was finding out, albeit excruciatingly that Reconciliation was not a part of that glamour parade.
Then he was saved.
Unknowingly but fortunately, he was tasked with a business meeting with Precise Financial Systems, who had CLIREC, a Reconciliation solution that shaved 70% off the time the unit normally spent on the reconciliation process.
Niyi, now in his second month in the punishing unit had slept over on some occasions because some accounts didn’t reconcile. He remembered the first time he had spent the night in the office – for a measly N13!
On completion of the CLIREC deployment, Niyi now had more than enough time to do important things in his life, like enrolling for a Masters programme, something he could never have contemplated in the last regime. Now, he is hoping that no one notices the spring in his step as he continues to enjoy his ‘punishment’.
Temitayo Ajayi, Head, Product Implementation & Support, PFS, says the story is almost the same wherever the solution has been deployed, and that was in 36 countries at the last count.
“CLIREC reduces the stress and rigours of reconciliation process, and truly the process can give serious headaches.”
“The advantage CLIREC has over other packages is the seamless integration with any banking application [CBA] or any Third Party Application, straight-through (unattended) data capture and matching process, varieties of customized reports, multi-lingual reports, and lots more.
The company has also finished the development of a version of CLIREC, which will be announced soon but one which can be used by almost everyone,” Ajayi eagerly revealed.
“The development of CLIREC-WEB is complete and some companies have moved their resources to became leaner and truly global,” she added.
On why any knowledgeable brand should deploy CLIREC, Ajayi said, “CLIREC has proven itself over the years to be a trusted application.
“It’s flexible and allows for customisation. It is designed to suit the needs of diverse industries and it has the backing of an experienced support team that attends to issues whenever any need arises.”
CLIREC is an Automated Accounts Reconciliation Solution developed from Microsoft development tools with SQL server as its database. It is designed to cater for all forms of reconciliation needs which includes but is not limited to Nostro, Vostro, Internal Fund Transfer (IFT), GL, Suspense, and ATM reconciliation.