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How Quinnox Reduced Month-End Process Time by 40% through Automated Reconciliation

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Overview

The client, a leading UK-based financial services provider specializing in lending and savings solutions, faced challenges in their month-end reconciliation processes. These processes were time-consuming, manual, and prone to errors, causing delays and issues with downstream applications. 

Business Need

  • The client required an automated solution to: 

    • Eliminate manual reconciliation errors. 
    • Ensure the completion of month-end activities within the required 3-day timeframe. 
    • Enhance operational efficiency and minimize delays affecting downstream applications. 

The Quinnox Solution

  • Transformed data across different layers on the client’s on-premises server. 
  • Eliminated manual process checks by automating workflows using SSIS (SQL Server Integration Services) and SQL. 
  • Developed automated reconciliation processes for each stage to rectify errors. 
  • Created a risk model, established control checks, and standardized processes to enhance risk analysis. 

Business Benefits Delivered

  1. Reduced processing time by 40% through automation. 
  2. Developed statistical reports to improve risk analysis. 
  3. Improved daily batch performance from 24 minutes to 6 minutes. 
  4. Reduced manual intervention by 80%. 
  5.  

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