Banks Achieve Operational Excellence with Corona Solution

Emma Okonji

Determined to maintain high level of accuracy, integrity and confidence in data management, top Nigerian banks like First Bank, Zenith Bank, Ecobank and Access Bank, had in the last three years, taken some steps ahead of others in the financial industry to attain varying degrees of enterprise-wide reconciliation and transaction investigation by the adoption and implementation of TLM Corona Solution.

The solution, which is a highly automated, highly scalable, and centralised tool for multi-product reconciliation and exceptions management, ranked No. 1 in the world for big data management.

Some of the product types automated by the banks with the TLM Corona Recon solution include ATM, POS, NIP, RTGS, Nostro, Branch and Head Office GL Suspense, e-Banking products, Confirmation messages, Commodities and Securities, among others.

In general, ranging from Balance Sheet Substantiation, Card Processing Controls, Cash and Securities, Data Aggregation, Exchange Traded Derivatives, FX Confirmations, Inter-systems, Net Asset Value (NAV), On Demand Reconciliations, Reconciliations BPO – Corona TLM Reconciliations Utility is well positioned to offer customers the desired advantage on the ever increasing reconciliation need.

In one of the project close-out ceremony attended by a customer who is about the biggest bank in Nigeria, the Managing Director of ActivEdge Technologies Ltd, Mr. George Agu, shared his appreciation and excitement with the customer over the impressive and remarkable results achieved and the performance of the system.

George said: “We are very impressed by the sheer volume of products and accounts that the team has on-boarded and automated in the system across the head office and regional operations within such a short period of time. Equally impressive is the volume of transactions (which runs into millions – processed daily in the system) and the early hour in which branches are advised of transactions needing special attention and closure of all cases raised by the system”. It was also remarked that TLM Corona Recon Solution which currently runs in over 2000 banks globally, can integrate all known core banking platforms including BankFusion, Finnacle, Oracle Flexcube, T24, Phoenix, among others.

In addition, the integration of corporate actions reconciliation and detection of exceptions in transactions leading to investigations and system performance enable banks to reduce their operational risk and cost through continual process improvement.

Corona TLM has become the most efficient recon solution in the world today and offers the benefit of reconciling all transactions in one database replacing multiple point solutions and eliminating silos with a single strategic reconciliations platform.