Vienna-based Raiffeisen Bank has implemented Broadridge's PROactive Reconciliation Solution across six of its regional subsidiaries to fully automate reconciliation processing.
PROactive allows Raiffeisen to increase its operational control and achieve more efficient processing on a single, standard platform throughout its network banks in Poland, Bosnia and Herzegovina, Kosovo, Romania, Bulgaria and Albania.
Through its shared service centre located in Romania, Centralized Raiffeisen International Services & Payments (CRISP), Raiffeisen is pursuing a strategy to consolidate the reconciliations processing of its operations across multiple European locations into a central hub and intends to migrate remaining international network banks onto a single installation.
A key element of the project has been to shift all processing from locally installed stand-alone systems onto an enterprise-wide platform.
CRISP general manager Pierre Brisse said: "The deployment flexibility of PROactive has allowed us to standardise our central infrastructure for enterprise-wide reconciliation processing and maximise operational efficiency across multiple regions. We are seeing high quality results from the solution's advanced automation and workflow, including substantial improvements to our automated matching rates and the ability to quickly onboard additional reconciliation types, such as ATM and internal account reconciliations."
General manager of EMEA and Americas for Broadridge's PROactive Solutions, Jose Contin, said: "This project is further affirmation of Broadridge's growing footprint in Central and Eastern Europe. More and more, clients like [Raffeisen] are moving towards a centralised reconciliations service, and we are already seeing how the strategy is enhancing the bank's transparency and operational control while enabling significant improvements in risk management and cost efficiency."
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