Accurate Software today announced Attorneys' Title Guaranty Fund, Inc. (ATG), a lawyer-service organisation working for the benefit of the law profession and the public, has selected Accurate's leading Operational Risk Management solution to automate its reconciliation and exception management processes.
ATG manages around 40,000 checks each month covering real estate commissions, mortgages, fees, prepaid interest and taxes received and issued, totalling up to $7.5 billion annually. Using Accurate NXG, ATG has reduced the risk associated with processing these transactions by cutting reconciliation time by 75% and eliminating manual errors.
Ronald Trubiana, Senior Vice President and Chief Finance Officer, explained: "Due to the nature of our business, the check amounts involved are relatively large. If we have a number of large, unresolved bank errors then the interest we earn will be negatively impacted, and our exposure to risk and fraud is multiplied. A rapid, accurate reconciliation process is therefore critical to us."
With Accurate NXG in place, ATG's two major accounts are reconciled daily. "The reconciliation process works beautifully now. We simply import the relevant transaction data into Accurate NXG, bring the bank files in and have the reconciliation completed in fifteen minutes every day. By 10am we just have the exception items to investigate, which gives us significant time and cost savings," said Trubiana.
"Accurate Software continues to distinguish itself in delivering Operational Risk Management solutions that enable financial services organisations like ATG to realize real business value," said Gary L. Gibbs, Executive Vice President, Accurate Software. "ATG's implementation demonstrates Accurate's ability to enable organisations to make risk tangible and apply operational controls to reduce and manage that risk."
In addition to reconciliation, ATG has recently implemented the workflow component of Accurate NXG to automatically assign exceptions to departments and individual staff. ATG's future plans include employing Accurate NXG for additional, non-bank related reconciliation activity. Trubiana concluded: "Accurate NXG has enormous potential use within ATG in the future