Banco Popular North America licenses Accurate Software for reconciliations

Banco Popular North America licenses Accurate Software for reconciliations

Banco Popular North America, the US banking subsidiary of Puerto Rico-based Popular, is installing Accurate Software's operational risk management technology to automate cash reconciliation and exception management processes.

The bank will use the Accurate NXG system to automate reconciliation of the bank's cash and internal ledger accounts, replacing an Excel-based spreadsheet system.

A direct interface to Banco Popular's core processing system will enable all relevant data to be automatically extracted and reconciled against the appropriate correspondent bank accounts.

Accurate says the system will provide complete visibility of all transactions and will continually alert managers to critical areas of potential loss, enabling bank staff to take pre-emptive action.

Gary Gibbs, EVP, North America, Accurate Software, says: "Improved management information and a comprehensive audit trail will give senior management the tools they need to work more effectively."

Gibbs adds that Accurate NXG will provide Banco Popular with a sound foundation for managing its operational risk across the enterprise.

The product is being deployed at Banco Popular North America in a Windows/SQL server environment and is expected to go live in May.

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