Reconciliation Software for Banks and Investment Firms

• Bank reconciliation. Statement activity for each bank account compared with the institution's own records or general ledger.
• Nostro and vostro. Accounts held with, or for, correspondent banks, often in several currencies.
• Cash and position. Daily cash balances and security positions compared with what custodians and depositories report.
• Intercompany. Balances and transactions between legal entities in the same group, which must agree before consolidation.
• General ledger. Proof that each ledger account is supported by the underlying activity.

Many institutions run all five, on different timetables. Cash and positions are often reconciled every business day, while some ledger accounts are proved monthly as part of the close. A separate tool for each type multiplies setup work, splits the audit evidence across systems and leaves no single view of what is still open. The longer an item stays unmatched, the harder it becomes to trace, so the timetable matters as much as the tool.

At the heart of any reconciliation system is the matching engine. It should apply rules you define, such as matching on amount, date and reference, and show clearly why an item did or did not match. Around that engine, look for:

• imports in the formats your banks and systems actually send, such as Excel, CSV and text;
• clear classification of breaks, so staff know whether an item is missing, misdated or for the wrong amount;
• a workflow for resolving exceptions, with approval before items are cleared;
• dashboards and reports that show managers which reconciliations are complete and which are not.

MIMICS Account Reconciliation reconciles checking accounts across as many banks as your institution uses, with no fixed limit on the number of accounts. Bank statements are imported, then the activity to be reconciled is brought in, automatically from MIMICS systems or from third-party systems, including other general ledgers, in Excel, CSV or text. The software compares the two and records each error by type: no match found, incorrect date, incorrect debit amount or incorrect credit amount. Errors can be posted to a temporary suspense account, then categorized and printed so staff can trace their cause. Rules-based matching, exception workflow and status dashboards extend the same approach to intercompany and ledger reconciliations.

Operations teams focus on whether the institution's view of cash and securities matches its correspondents and custodians. General Reconciliation reconciles nostro and vostro accounts, daily cash balances and security positions in one system, with a matching engine that pairs routine items and leaves the true breaks for review.

For anything else that must agree, the MIMICS Reconciliation module compares cash balances, cash transactions, share balances, share transactions or other fields between any two electronic files or sources. A typical use is checking share balances in Customer Portfolio against a file sent by a custodian. It runs standalone or on a network and is not limited to MIMICS data.

Reconciliation is part of the close, not a separate activity, and adjustments should reach the books without being keyed again. MIMICS General Ledger accepts entries from other MIMICS modules under accounting rules you define, and its journal entry system keeps every entry balanced. Banks and credit unions on the Core Processing Suite get reconciliation inside MIMICS Accounting, alongside receivables, payables and fixed assets. Investment operations can add the Automated Reconciliation module to reconcile cash, positions and transactions in the back office.

Bring a month of real statements and ledger extracts to any evaluation, including the awkward items: partial payments, reversed entries and items that cross month-end. Ask how each would be matched or flagged, and who approves the result. MIMICS configures its reconciliation software to your accounts, files and approval rules. To discuss your reconciliation work, get in touch.