Accurate Software's automated reconciliation solution improves speed of multi-bank, multi-currency transaction settlements.
Gullivers Travel Associates (gta), the largest independent supplier of global tourism products to the travel industry, has selected Accurate Software's leading automated reconciliation solution for complex multi-bank, multi-currency transactions. Gta have chosen Accurate's solution, to increase Straight Through Processing (STP) rates, improve business process management and efficiency and help manage exposure to risk.
gta is a dynamic, global organisation promoting enterprising and innovative products and services for its hundreds of worldwide clients. Its reconciliation process is therefore sophisticated, involving multiple European banks and currencies and seasonal fluctuations in volume.
After a thorough investigation of the different reconciliation solutions on the market and a strong endorsement by their bankers, gta chose Accurate Software's enterprise wide reconciliation solution.
Simon Meyrick, Manager, Gullivers Travel Associates, explained: "gta is a truly global company with a presence in most countries: London, Paris, Rome Bangkok, Tokyo, New York, Sydney and Singapore to name a few. We were therefore looking for a more dynamic approach to reconciling transactions - a solution that could work in many different environments, formats, languages and currencies. We have also expanded our business onto the web and into the credit card arena. This meant the solution needed a high degree of intelligence and flexibility so that we could modify our matching procedures and criteria as and when required. Accurate Software's proven knowledge in the travel industry combined with the power and flexibility of the solution matches our requirements perfectly."
The ability to interface with any of gta's systems, including JD Edward's General Ledger system, and the scheduling capability of the Accurate solution will prove invaluable to gta. The company needed a solution that reflects its global working practices and operates around the clock. All gta's Royal Bank of Scotland (RBS) accounts and the majority of its non-RBS accounts will be downloaded and reconciled overnight, which will enable staff to concentrate solely on difference items.
Furthermore, gta will be able to use the dynamic interface generation facilities within the Accurate solution to quickly and easily build interfaces for the vast number of global cash management systems that they work with.
"We look forward to benefiting from a number of key improvements over what we are currently doing. Our financial processes will move up a level from simple reconciliation to rapid, automated matching allowing us to focus our resources on resolving exception items. This will enable us to deliver our accounts on time and to be more focused on today's reconciliation needs rather than last week's. I am confident that the solution can be scaled up and rolled out as necessary, keeping pace with our global expansion. Accurate's global support presence was another key factor in our decision," said Meyrick.
Philip Hall, Managing Director, Accurate Software, said: "Gullivers Travel Associates is a company that is driving and helping shape the global travel and tourism market. Accurate Software's involvement with such a truly global project is testimony to the power and diversity of our solution."
Compatible with all the leading network providers including SWIFT, Clearstream, Euroclear and Crest, Accurate Software's solution is capable of reconciling a wide range of financial and other transactional data. It is used by hundreds of customers worldwide to achieve STP and reduce costs.
Single platform strategy unites retirement planning and wealth management Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financi...View article
GoldBean is a graduate of INV Fintech accelerator launched by Bank Innovation and Fiserv Fiserv, Inc. (NASDAQ: FISV), a leading global prov...View article