Tata Consultancy Services (TCS) has announced a partnership with the Council of Europe Development Bank (CEB) to overhaul the latter’s reconciliation processes through the adoption of TCS BaNCS for Reconciliations.
This collaboration aims to enhance operational efficiency and streamline transaction management by integrating artificial intelligence (AI) and automation into the bank’s workflow.
The implementation of TCS BaNCS for Reconciliations will automate the complete reconciliation lifecycle at the CEB, including tasks such as transaction matching, exception handling, investigation, and reporting.
This system is designed to offer real-time transparency and reduce the need for manual intervention, thereby improving turnaround times.
Integration with the bank’s core systems is expected to facilitate better control and expedite daily reconciliation tasks. Furthermore, the bank will gain capabilities to automate critical functions like file loading, PDF statement extraction, and reconciling unmatched entries, said TCS.
Located in Paris, the CEB is a development bank committed to fostering social inclusion across its 43 European member states. The bank supports investments in social sectors like education, health, and affordable housing, focusing particularly on vulnerable communities.
With a substantial portfolio of loan approvals throughout Europe, the CEB needs a robust system to manage an increasing volume of transactions. The deployment of TCS BaNCS for Reconciliations will bolster its ability to handle complex operations across various accounts.
CEB finance and risk systems head Stefano Michelangeli said: “Automation in reconciliation with high STP (Straight-Through Processes) is central to ensuring error-free operations for institutions such as ours. With TCS BaNCS for Reconciliations, we will be able to eliminate manual reconciliations processing and reporting, for transparent, auditable outcomes, especially, for high-value transactions.
“By improving the overall efficiency of operations, we can deliver on our larger vision of enhancing economic growth in the countries we service in line with our Strategic Framework 2023-2027.”
TCS BaNCS for Reconciliations offers a centralised and scalable solution that manages financial reconciliations from start to finish. It incorporates a cognitive engine, advanced data pre-processing techniques, custom reporting tools, API integration options, mobile capabilities, and online archiving.
The solution can adapt to industry-standard requirements as well as client-specific needs across various types of financial reconciliations.
Available both on-premises and as a cloud service, TCS BaNCS for Reconciliations allows banks to shift from capital expenditure-based systems to more efficient operational expenditure models.
By leveraging AI and machine learning, it enhances transaction accuracy and automates crucial processes such as transaction matching and case management. The platform’s flexible design enables seamless automation without manual checks, minimising errors and speeding up operations while reducing processing costs.
TCS financial solutions global head Venkateshwaran Srinivasan said: “With the deployment of TCS BaNCS, the CEB will be able to gain significant efficiency in operations, which gives the Bank the ability to operate on a higher scale. We continue to invest in products to help our clients enhance efficiency, improve customer experience and be future ready.”
