A multi-entity financial services group moves from discovering reconciliation discrepancies on Day 8 of the close to live, real-time reconciliation status across all entities.
Before adopting PayConnect, this financial services group's reconciliation process was almost entirely retrospective. Discrepancies between bank statements, sub-ledgers, and the general ledger typically weren't discovered until around Day 8 of the monthly close — by which point tracing the root cause across eight separate entities was slow and labor-intensive.
Each entity reconciled independently using its own spreadsheet templates, with no consolidated view of reconciliation status until the very end of the close.
PayConnect's reconciliation platform was deployed across all eight entities, connecting directly to bank feeds and the general ledger to match transactions continuously rather than only at month-end.
Reconciliation status is now visible in real time across all entities, rather than being reconstructed at the end of the close.
See how PayConnect can cut your close cycle and eliminate manual reconciliation in a 30-minute demo.
With reconciliation now continuous, the group is extending PayConnect's close management tools to shorten its month-end close timeline further.
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