The ICS BANKS® Nostro Reconciliation System is designed to process and match figures from a bank's internal accounting records against those presented on external bank statements. This system effectively identifies any transactions present in one record but not the other, marking them as outstanding. It is capable of executing complex automatic reconciliation processes across all types of accounts, utilizing a flexible set of matching rules dynamically defined by the bank to align with their specific transaction matching policies. Beyond automation, the system also facilitates manual reconciliation when necessary, ensuring comprehensive coverage for all reconciliation needs. By enabling electronic reconciliation, either automatically or manually, the software eliminates the need for laborious manual comparisons of printouts from internal ledgers and received files or SWIFT messages, significantly enhancing efficiency and accuracy.

Features & Benefits

• Automatic Reconciliation
  • Performs one-to-one matching transactions based on criteria such as transaction amount, DR/CR indicator, and bank-defined matching rules.
  • All transactions with a 100% matching rate are automatically confirmed.
  • Other matched transactions are presented to the user for review and approval.
• Manual Reconciliation
  • Supports various matching scenarios including Many to Many, One to Many, Many to One, and One to One, primarily based on transaction amount and DR/CR indicator.
  • Tolerance amounts can be accepted when matching transaction amounts.
  • Allows matching between one or more transactions for an internal account and one or more for an external account, provided the total transaction amounts are equal with different signs.