Australian banking and insurance group Suncorp is implementing CheckFree's operational risk management technology, Accurate NXG, to improve the automation of its reconciliation and exception management processes.
Accurate NXG will centralise all of the company's reconciliation and exception management processes, automating workflows and improving management reporting.
Checkfree says Suncorp will use the operational risk management technology to integrate disparate systems onto a central platform, enabling automation of account reconciliation, exceptions tracking and workflows to support the group's insurance, banking and wealth management businesses.
The single automated platform will manage all interfaces to the general ledger and will also accommodate other data feeds in different formats and time periods to cover future reconciliations for longer-term control purposes.
Maree McMahon, manager, accounting operations, accounting & tax, Suncorp says: "We wanted a functionally rich reconciliation solution that would significantly improve our ability to complete accurate and timely reconciliations of general ledger and bank accounts, to act upon exceptions efficiently and consistently, and, to report on and monitor the reconciliation function across the Suncorp Group."
Checkfree says three of the deployment phases have been already been completed, with the remaining stages to occur over the following year.