Financial Reporting – for a large international Bank
Through growth and acquisition, a large international bank has multiple transaction processing systems located in different locations across multiple countries. Daily transactions might take place in any of multiple currencies – with currency exchange rates or interest rates changing daily.
Aggregating all transactions from multiple source systems and applying all of the appropriate interest or exchange rates while converting everything into a single reporting currency for monthly corporate reporting was a hugely onerous and error-prone task.
Because of its strengths in data aggregation and rules processing, FreeSight was brought in to simplify and automate this process. Now, with the click of a button, FreeSight imports and aggregates over 180 different transaction source files, exchange rate tables and interest rate tables, applies all of the rules for processing, and exports reports to be sent to corporate headquarters. What was a month-long process is now an automated procedure, completed in a few hours.