Banco Popular selects Accurate Software to automate its cash reconciliation and exception management processes

Banco Popular North America, the US banking subsidiary of Puerto Rico-based Popular Inc., one of the country’s 30 largest financial institutions, has selected Accurate Software’s Operational Risk Management solution, Accurate NXG, to reconcile its cash and internal ledger accounts. Accurate NXG will help Banco Popular North America identify and resolve exceptions more quickly, helping the company reduce its exposure to operational risk.

Accurate NXG combines Accurate’s core competencies of reconciliation, exception management, workflow and business intelligence. Accurate NXG’s business intelligence Dashboard will provide complete visibility of all transactions for Banco Popular North America and will continually alert managers to critical areas of potential loss, enabling them to take pre-emptive action.

The project to deploy Accurate NXG within Banco Popular North America began in November 2004 and is due to go live by May 2005. Accurate NXG will automate the bank’s reconciliation and exception management processes, which were previously based on Excel spreadsheets. A direct interface to Banco Popular North America’s core processing banking solution will enable all relevant data to be automatically extracted and reconciled against the appropriate correspondent bank accounts.

"As well as delivering increased operational efficiencies and cost savings, Accurate NXG will provide Banco Popular with a sound foundation for managing its operational risk across the enterprise," said Gary Gibbs, Executive Vice President for North America at Accurate Software.

"Improved management information and a comprehensive audit trail will give senior management the tools they need to work more effectively. Banco Popular is a key addition to our client portfolio in North America and we are committed to supporting the bank’s growth plans."

Accurate NXG is being deployed at Banco Popular North America in a Windows/SQL server environment. Based on an open architecture offering platform and database independence, Accurate NXG provides maximum flexibility, enabling the bank to migrate to other platforms in the future as volumes increase or the bank’s requirements change.

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