Hexagon iMatch is a powerful reconciliation system that transforms the way reconciliation processes are automated today. The product combines unparalleled preprocessing automation, ability to handle large volumes of data and intelligent rule building to deliver a quantum leap in reconciliation efficiencies.
This industry agnostic solution is flexible enough to cater to multiple types of reconciliations such as Bank reconciliation, Collection Account reconciliation, Cash reconciliation, Event-based reconciliations, Redemption/Subscription reconciliation, Claims, Policy reconciliations and so on covering key areas across verticals. Being highly configurable, it provides greater control, automation and process standardization which enables organizations to focus their resources on value accretive activities.
Hexagon iMatch is a tool that can evolve with changing business operations through its in-built, user-defined rule engine that uses data driven learning. The system can ensure that reconciliation is over 90% automated and is designed to function in a ‘non-intrusive’ mode that automatically detects the arrival of new data. With the elimination of a manually extensive process, Hexagon iMatch ensures that business records, financial & accounting records and bank transactions are in sync.
Key Benefits
Auto reconcilliation enables better audit tracking, eliminating typical spreadsheet based reconciliations that are prone to errors.
Reduces revenue leakages and measures service provider deliverables.
A Streamlined process increases operational efficiency by over 33%.
Machine learning provides for continuous improvement of automation percentage.
High throughput and faster processing even for large volumes.
Solution Components
The in-built ETL tool automatically detects the arrival of new data & facilitates data extraction, collation and transformation. Data cleansing is done by applying pre-defined business rules to summarize and aggregate data that is ready to be used for reconciliation.
File Sense technology enables files to be uploaded by placing them in a specific directory or emailing them to a common system id (files could include zipped attachments), from where they can be automatically sensed and absorbed by the system. Files can also be uploaded manually.
The Automated Processing engine forms the core of Hexagon iMatch and performs four-way reconciliation that covers the entire transaction lifecycle.The core engine understands matching requirements across data sets, enabling automated extraction of business rules. Users can easily define match rules for various data sets and machine learning algorithms provide close to 90% matching over a period of time.
The Manual Reconciliation or Reconciliation Breaks bucket provides quick insight into data anomalies and enables speedy resolution through its own set of rule logics, filters, grouping criteria and quick search options. Hexagon iMatch provides a grid view of unmatched records and facilitates the user to manually match them, providing necessary remarks for each.
Exception Processing allows a maker-checker workflow to execute force match transactions, with all due diligence & specifying reasons for each match. The system highlights any variance amount and once matched, enables users to specify its impact on accounting transactions. This can later be accessed in the form of a report.
Across the board view of reconciliation performances across different sub groups & a comprehensive trend analysis to evaluate reconciliation activity over time, transaction logs and rule effectiveness, provides for business process efficacy.
The Control Centre draws users’ attention to critical business events in the reconciliation life cycle. It provides alerts on data arrival within the system, reconciliation status across source pairs and approval notifications. It tracks account variances, reconciliation process variability, status, deadlines and metrics on a real time basis.
Enquire about Hexagon iMatch
2nd Block, Jayanagar,
Bengaluru - 560 011
Karnataka, India
Landline : +91-80-3588-9217.
Sales & Marketing
India: +91 98450 23934
Malaysia: +60 11 3650 0611
For all general enquiries reach us at [email protected]