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 CLIREC
A suite of fully integrated accounts reconciliation modules with multi-currency and multi-lingual capabilities that gives organisations complete control of all reconciliation functions and process.
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MODULES
The modular nature of the CLIREC suite allows corporate entities to select those functions needed to increase operational control and effectiveness. CLIREC is enhanced and upgraded on an ongoing basis. With a foundation of leading- edge technology, CLIREC enable companies to reap the rewards of a more efficient operation. Business areas of application include:
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NOSTRO
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EFT
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INTERNAL ACCOUNTS
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IFT
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VOSTRO, and
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Non- financial transactions etc.
BENEFITS
Efficiency and Effectiveness
Accuracy and timeliness of information is very vital to effective decision-making process. CLIREC provides a means of achieving both efficiency in and effectiveness of account reconciliation process.
Frauds and Errors
CLIREC offers a reliable means of assisting the management in achieving early discovery of frauds, errors and/or omissions.
Investigations
In as much as reconciliable accounts are invoved, CLIREC assist management in digging deep into previous reconciliation exercise.
Data and Reports Integrity
CLIREC assists in ensuring the integrity and completeness of data used in reconciliation exercises as well as the confidentiality of results of reconciliation. this is because reconciliation reports produced by the system are based on the reconciliation process and the results are taken out of the hands of the user.
Manpower Development
As is becoming of any computerised process, the use of CLIREC ensures low personnel requirement for account reconciliation exercise as the process now becomes less manual intensive and as mush as twelve times faster than manual situations.
Reports Variety
Restriction to desirable reconciliation reports often exist in a manual system due to the tedious and cmplex process of gathering and presenting reconciliation reports.Clirec completely removes this barrier as the process of all reconciliation activities can be verified and corroborated through available variety of reports.
Convenience
CLIREC offers the convenience required for any average reconcilinmg officer to focus on strategic and jugdemental reconciliation-related issues whlie leaving the computer with the rigorous work of implementing mechanical activities and ensuring arithmetical accuracy of matched items.
Bank Charges Authentication
CLIREC serves as a most convenient and effective tool to validate bank charges like Commission on Turnover(COT) and interest on overdraft/loan accounts.
FUNCTIONALITY
Data Capture
Internal and external data on reconcilable accounts can be recorded into CLIREC by;
a)Excel format file transfer
b)Text format file transfer
c)CSV format file transfer
d)File transfer via remote connection to third party application.
Multi-Currency
CLIREC is a flexible solution with multi-currency capability; the user specify the currency in which the transactions for reconciliation is at the point of creating accounts on the system.
Multi-Lingual
The solution comes standard with multi-lingual capabilities, the updraded multi-lingua CLIREC can be configured for any language within 72 hours of implementation period.
Auto Tracking Matching
The system can automatically knock off entries from statements and ledgers that represent the same transaction. it achieves this by breaking down the descriptions given on both sides into basic componets e.g. cheque number or any other reference. it then ensures that the values on both sides are the same before knocking off. There can be no mistakes about entries matched by the system. Furthermore, the system can be "taught" the specific characteristics of certain or all accounts in order to identify references in a very simple manner.
CLIREC is capable of matching single entry versus multiple entries as well as multiple entries versus multiple entries.
Download the CLIREC Proposal here.
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