Legacy and manual bank account reconciliation processes are not well equipped to handle the bank reconciliation lifecycle. In both instances, every aspect of the process – from receiving and digesting common bank data files to managing high transactional volumes across multiple accounts, banks, and currencies – introduces challenges and significant risk. Cash flows from disparate sources and bank statements are difficult to reconcile with summarized data and volume of transactions. Organizations struggle to match data based on common references especially on customer’s receipts. The investigation of the exceptions is the most crucial part of the bank reconciliation process. It is at this stage where errors, mistakes, fraud, deviations, miscalculations etc. are identified and then corrected.
VBRS leverages on Oracle cash management reconciliation engine for match rule criteria. Unlike other reconciliation solutions, which are not integrated with ERP’s, VBRS provides a close integration between bank statement reconciliation application and Oracle E-Business suite. Hence, the solution ensures that customers Oracle E-Business Suite application maintains 100% cash flow transactions and allows customer to use other core functionalities such as cash forecasting, cash positioning etc. With ABRS one achieve more than just reconciliation.