Accurate Software, a leading provider of Operational Risk Management solutions, today announced that the Nationwide Building Society, the largest building society by asset size in the UK, has reduced the size of its payment backlog by 50% with Accurate NXG.
Philip Hall, Chairman and Co-Chief Executive Officer, Accurate Software said: "Nationwide reconciles 74,000 financial transactions per week. The resulting reconciliation overhead that this imposes led Nationwide to replace their batch-driven system with Accurate's Operational Risk Management solution. To date, we have rolled out Accurate NXG across the whole of Nationwide's banking services division. Users have quickly become familiar with it and it has provided significant benefits in streamlining Nationwide's reconciliation process. We are delighted with the positive reaction we have received from everyone at Nationwide."
Nationwide's previous system required manual intervention, which led to a protracted reconciliation process. This increased exposure to risk and potential fraud.
Paul Alibone, Corporate Project Manager, Business Improvement Team at Nationwide explained: "If a customer pays in a cheque and subsequently raises a query, they expect a swift resolution. If we fail to resolve matters efficiently because of limited audit trails their confidence decreases rapidly and we risk losing their business."
Accurate NXG has had an enormous impact on Nationwide's reconciliation process, decreasing the number of write-offs, reducing the size of the backlog by over 50% and making the entire process more manageable and less labour intensive.
Alibone concluded: "The success of this project has given everyone involved at Nationwide Building Society great confidence. We have implemented an external package 100% successfully - something we haven't always managed in the past with other solutions. Accurate NXG has helped us achieve our aims of reducing exposure to risk, increasing control of our operations and improving reconciliation efficiency."