By Vincent Hochart, VP Sales and Operations, AI Suite, Axway
Today’s financial-services organizations face a host of regulatory and data-governance pressures that aim to improve transparency. These requirements are forcing companies to either (1) update their existing accounting and financial applications, or (2) install new, compliant applications.
As the backbone to any enterprise, financial systems (e.g., general ledgers, sub-ledgers, analytics, reporting, reconciliation, consolidation, etc.) must be fully integrated into the operational environment in a way that guarantees consistency, data quality, fast and accurate processing, agility in the face of regulatory developments, and process visibility. And since a complete transformation occurs when one creates financial data from operational transactions and business events, financial systems must also make that process quick, easy, and auditable.
For over 25 years, more than 150 large financial-services organizations have implemented accounting integration solutions to make all of this happen. Accounting integration solutions give financial-services organizations the ability to:
- Take advantage of complex data controls
- Execute restructuring and enrichments
- Apply accounting transformations
- Administer balance checking
- Satisfy reconciliations while providing properly formatted data to the right tool
- Handle exceptions for end-user applications
- Benefit from efficient and easily accessible audit trails
Accounting integration solutions give financial-services organizations the ability to enjoy a return on investment that eclipses traditional integration strategies (e.g., ETL, EAI), dramatically shorten application-integration implementation cycles (e.g., general ledgers, sub-ledgers, data warehouse, reporting systems, etc.), and empower stakeholders and end users to manage and maintain -- for improved accuracy and response time -- the functional settings for integrations.
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TOPICS: Banking, Financial Services