Commercial Bank of Africa Limited (CBA), the largest privately owned Kenyan bank, has centralized its reconciliation and exception management processes using SunGard's Ambit Reconciliation solution.
The solution has helped the bank reduce operational risk by automating manual reconciliations and increasing the speed with which investigations can be performed. Specific transactions being reconciled by the centralized platform include cash nostro and suspense accounts, interbank clearing transactions, ATM card settlement and FX/MM confirmations.
With SunGard's Ambit Reconciliation solution, CBA has automated and centralized its reconciliations,resulting in the implementation of standardized processes throughout the bank. Ambit Reconciliation also helps CBA identify exceptions early, helping reduce the cost of error. The solution's dashboard provides consolidated views across all asset classes and business lines, helping improve visibility and control.
Isaac Awuondo, CBA's managing director, said, "We went live on SunGard's Ambit Reconciliation with multiple lines of business on a single platform within an impressively short timeframe. We now have a Web-enabled solution for real-time matching and reconciliation that will help us reduce risk, improve control and eliminate manual processes. Ambit Reconciliation's dashboard capabilities will also help us benefit from enhanced reporting at all levels of management."
Jennifer Hanes, executive vice president, reconciliation for SunGard's Ambit corporate banking business unit, said, "SunGard's Ambit Reconciliation solution helps banks such as CBA streamline processes for reconciliation and exception management while improving operational efficiency. This deployment reinforces the solution's strengths in managing diverse and complex enterprise-wide reconciliation requirements that cover multiple asset classes and instrument types."