Bank of Bhutan
Transaction Reconciliation Services
Bank of Bhutan (BOB) is one of the largest commercial banks having several branches and an installation base of many ATMs spread across the country.
BOB was handling cash management and transaction reconciliation process through a large staff. They were manually maintaining EOD records and cash sourcing & replenishment details in the different ATMs. Resolution of customer disputes related to shortages consequently took considerable time as the bank had to manually go through vast amounts of data. Tracing overages and shortages in the ATMs was near impossible and the task of cash replenishment became very difficult.
BOB was looking for a one-stop solution for complete outsourcing of its transaction and cash reconciliation activity. They wanted an adaptable solution that would streamline their cash replenishment process based on accurate cash reconciliation and cash balance reports through 4-way/5-way reconciliation.
After evaluating the offerings of various service providers, the bank zeroed in on MAXIMUS. The entire process flows, the I.T. system outputs and the audit requirements of the bank were studied by MAXIMUS along with the pain points requiring mitigation. Transaction logs generated by the bank’s CBS, EFT Switch, ATM EJs and the National Financial Switch (NFS) including Visa and MasterCard interchanges were collected to carry out a gap analysis. Based on this extensive study, MAXIMUS proposed the changes required in the bank’s process flows so as to adapt to an automated transaction reconciliation environment.
Scope of Work
- Deployment of TRACE, the automated reconciliation tool, with necessary customization, at the MAXIMUS data centre
- Training to the bank staff on the revised process flows and information outputs
- Rolling out of reconciliation services and generation of reports as per the service levels agreed upon mutually
- In respect of hanging/suspense transactions, provision of Root Cause Analysis (RCA) reports
- Web access to the bank to know up-to-date status of reconciliation
- Generation of Daily Reconciliation Report and Exception Report
- Facility for online entry of CBR data by the bank’s custodian
- Real-time determination of cash overages and shortages in the ATMs
- Database for resolving issues relating to chargebacks and customer disputes
- Audit trail of complete transaction cycle as required for compliance purposes
- MIS Reports and Dashboards for management oversight