What is check reconciliation?
When BBVA Compass rolled out the BBVA Compass RealTime ARP™ product, which recently won an award recognizing its innovation, the bank aimed at revolutionizing a process that is critical to the success of any commercial operation.
In short, ARP services automate the check reconciliation process and provide reporting capability for processing account data. More specifically, the product provides an overview of check and electronic transaction activity as it happens in real time and automates the check reconciliation process.
So what is the check reconciliation exactly and how does it help back-office operations?
To stay on top of their balance sheet, businesses reconcile their bank statement by comparing the bank’s records in a checking account to the operation’s own records. Usually due to the check cashing process, among other factors, comparisons may not match up. This means that the bank statement needs to be reconciled and discrepancies justified.
Consider this scenario laid out in AccountingCoach.com, and the various steps taken for full reconciliation.
Fortunately for business owners, digital transformation has given way to multiple milestones to help them streamline their business functions, including BBVA Compass RealTime ARP™ and its automated, convenient process.
For more information on the bank’s ground-breaking ARP product, click here.
Click here for more information on BBVA Compass’s overall treasury management solutions.