Source: ProfitStars, Charter One
US regional bank Charter One introduced nBalance and Exception Management software from ProfitStars to centralise account reconciliations across the branch network, significantly improving operational risk management and cutting processing costs.
Instead of a recon employee in each branch, now Charter One is able to reconcile for all 655 branches with a department of 12 employees.
The project proved so successful that the bank has since extended the application of the software to manage charge offs to DDA accounts and to reconcile deposits and over/under balances across a network of internally managed and vendor dispensed ATMs.
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