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  • You are here:
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  • / Bank Statement Processing

more work for less money — a challenge for many asset management companies

 

Keeping up-to-date with bank statements from multiple banks can take the profit out of any asset management business.You are not alone. See why by viewing the video or scroll down to read more.

Got questions?  

See the solution

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    CHALLENGE #1:

    Bank transactions in huge volumes and many formats

    Bank transactions in a unified data format from all banks are only available in a few countries.

    Hence asset management companies receive account statements by the thousands in EDI, XML, PDF, and paper.

    Anywhere from 300 to 3,000 a day is not uncommon depending on the size of your business.

    See the solution


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    CHALLENGE #2:

    Bank statements with hundreds of ever-changing layouts

    Every bank has its own layouts that even change from time to time.

    Moreover, some statements are in local language. If you’re not proficient in say Finnish that’s a challenge, too.

    See the solution


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    CHALLENGE #3:

    Turning statements into data efficiently

    You need the transaction data from the statements to update your KYC (Know Your Customer) solution with great efficiency and accuracy.

    The business no longer leaves room for expensive manual routines.

    See the solution


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    CHALLENGE #4:

    Keeping documents on records for decades

    The actual statements must be kept on records for documentation purposes for anywhere between 5 and 25 years depending on local legislation.

    Doing this on paper will cost a fortune and require lots of expensive office space. Keeping them on a local file share is neither efficient nor secure.

    See the solution


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    CHALLENGE #5:

    Complying with money laundering legislation

    Increased focus on money laundering has imposed strict legislative requirements to implement procedures for checking all or selected transactions for irregularities.

    With thousands of transaction manual compliance procedures are expensive and almost impossible to manage.

    See the solution


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    CHALLENGE #6:

    Keeping documents safe and secure

    Bank statements contain sensitive information that must be kept from prying eyes both inside and outside your company.

    Effectively protecting paper documents and keeping them safe is not easy. Imagine what a fire or flooding could do to a paper-based archive.

    See the solution


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    CHALLENGE #7:

    Accessing documents

    With documents stashed away in ring binders, filing cabinets, or on local file shares you cannot access them when you are working from another office, from home, or when you are on the road.

    See the solution


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    CHALLENGE #8:

    Keeping costs down

    In an increasingly competitive world, keeping transactional costs to a bare minimum is a basic and unavoidable requirement.

    See the solution


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    CHALLENGE #9:

    Preparing for the future

    As long as you are relying on more or less manual processes you are limiting scalability and agility in your organization. Optimizing procedures, dividing or merging business units, distributing workloads, working from different offices or from home is hard when valuable information cannot be accessed and shared. It's hard to tell if the future brings growth or decline, centralization or decentralization, mergers or acquisitions.  But one thing is for sure - it will bring change.

    See the solution


    Got questions?

     

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