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  1. LTIMindtree is now LTM | It’s time to Outcreate
  2. Insights
  3. Enhancing the customer experience by modernizing a leading North American bank's contact center

Automated Financial Transactions Reconciliation for a Global Cement Manufacturer

Dec 04, 2021

  • Client
  • Challenges
  • LTM Solution
  • Business Benefits
  • Client
  • Challenges
  • LTM Solution
  • Business Benefits

Client

The customer is a global leader in manufacturing of Cement, Aggregates, Ready-Mix Concrete, and other building materials.

Challenges

  • The tedious process of manually reconciling transactions from JD Edwards (JDE) Bank Account Ledger with the Statements received from Banks.
  • Manually intensive nature of the activity resulted in a 50-60% error rate, leading to a lot of re-work.

LTM Solution

  • LTM automated the Bank Reconciliation process with a customized solution to perform reconciliation, saving workforce efforts.
  • The application built on top of the Java Development Environment (JDE) matched transactions from both sources based on customer id, transaction id, and transaction amounts.
  • Reconciliation Reports on matched/unmatched transactions helped ease reconciliation of specific transactions.
  • The Bank data and Account Ledger data can now be matched with multiple selections of transactions, and verified before finalizing the reconciliation.

Business Benefits

  • Fortnightly Reconciliation duration reduced to 10 minutes from 4 days previously.
  • 1,000 Monthly transactions processed per month.
  • The reconciliation data provided to finance teams is close to near perfect (Less than 1% Error rate).
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Case Study
calendar June 3, 2024
Modernize Your Workloads on Snowflake with PolarSled
David Althoff
Chief Business Officer, Insurance

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