Features in Reconciliation Software
for Operations
Tools that automatically match and reconcile transactions across multiple systems, identify discrepancies, and facilitate resolution processes.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Audit & Controls
Robust controls for traceability, auditing, and support of internal and external reviews.
- Automated Exception Closure Controls
- Prevents unauthorized closure of reconciliation breaks.
- Change Management Logs
- Tracks any changes to data, configuration, or user roles.
- Data Integrity Monitoring
- Continuously monitors and alerts for data corruption or loss.
- Immutable Audit Trail
- All user actions are tracked and cannot be altered retroactively.
- Periodic Certification Checks
- Supports regular review and sign-off of reconciliations or exceptions.
- Reporting of Audit Events
- Generates reports specifically on audit and control events.
- Retention of Evidence
- Enforces retention of evidence and supporting documentation for defined periods.
- SOX/ISAE 3402 Support
- Provides controls to support Sarbanes-Oxley or ISAE 3402 compliance.
- Time-stamped Activity Logs
- Every action is time-stamped for traceability.
- User Action Replay
- Ability to replay sequences of user actions for detailed investigation.
Data Integration & Connectivity
Features that determine how the reconciliation software connects to and ingests data from various sources relevant to brokerage operations.
- API Connectivity
- Supports connections via APIs for automated data transfer.
- Automatic Data Validation
- Automatically validates imported data for completeness and correctness.
- Cloud/Data Lake Integration
- Supports integration with cloud storage or data lake platforms.
- Data Format Support
- Number of different supported data/formats (e.g., SWIFT, FIX, XML, CSV).
- Error Handling and Logging
- Tracks and logs data import/export errors for audit and troubleshooting.
- File Upload Support
- Supports manual data import through files (e.g., CSV, Excel).
- Historical Data Archiving
- Ability to import and reconcile historical data over long periods.
- Multi-source Integration
- Supports data import/export from multiple sources such as custodians, exchanges, clearing houses, and internal systems.
- Real-time Data Sync
- Ability to synchronize data between the system and sources in real-time.
- Scheduled Imports
- Ability to schedule recurring data imports at defined intervals.
Exception Management
Capabilities to identify, categorize, investigate, and resolve mismatches and breaks.
- Audit Log of Actions
- Maintains a detailed, immutable audit trail of exception handling steps.
- Auto-assignment of Cases
- Automatically assigns exceptions to designated users or teams.
- Bulk Exception Management
- Supports bulk status update, assignment, and resolution.
- Exception Dashboard
- Interactive dashboard summarizing open breaks and exceptions.
- Exception Root Cause Analysis
- Provides built-in analytics/tools for root cause analysis.
- Priority Tagging
- Tag exceptions with custom priority levels.
- Resolution Time Tracking
- Measures time taken to resolve each exception.
- Resolution Workflow
- Built-in workflow for exception investigation and resolution.
- Root Cause Coding
- Allows users to code breaks with root cause for later reporting.
- User-defined Exception Categories
- Customize exception categories for organization-specific workflows.
Integration & Extensibility
How readily the solution fits into the broader operational technology ecosystem and supports future needs.
- Custom Scripting
- Allows custom scripts (e.g., Python, JavaScript) for bespoke automation.
- Data Mapping and Transformation Tools
- Supports mapping and transformation for non-standard data feeds.
- Event/Message Bus Integration
- Integrates with event bus/kafka for real-time event propagation.
- Marketplace/Partner Ecosystem
- Access to app/partner ecosystem for pre-built modules.
- Number of Supported Integration Points
- Measures extensibility by supported integration points.
- Open API Support
- APIs available for downstream/upstream integration (REST, SOAP, etc.).
- Plugin/Extension Framework
- Supports plug-ins/extensions for feature augmentations.
- Single Sign-On (SSO)
- Supports federated SSO via SAML, OAuth, etc.
- Third-party Integration Catalog
- Library of pre-built integrations with popular financial apps and services.
- Webhooks
- Supports outbound webhooks for triggering workflows/API calls externally.
Matching Engine & Rules
Features related to the core matching and exception identification process essential for reconciliation.
- Automated Suggestion Engine
- Automatically suggests matches based on machine learning or heuristics.
- Configurable Matching Rules
- Allows users to define and customize rules for matching transactions.
- Exception Grouping
- Groups related exceptions to assist with bulk resolution.
- Manual Matching Support
- Enables manual intervention and adjustment of matches by users.
- Matching Speed
- Speed with which the system processes and matches records.
- Multi-level Matching
- Supports single- and multi-stage (e.g. 1-way, 2-way, 3-way) reconciliation.
- Partial Match Identification
- Ability to identify and flag partial matches for user review.
- Re-match Functionality
- Ability to re-run matching logic after rule or data changes.
- Tolerance Handling
- Handles tolerance thresholds for amounts, dates, and quantitative fields.
- User-defined Matching Fields
- Users can specify which fields to use in matching logic.
Performance & Scalability
Platform performance in terms of speed and ability to handle large transaction volumes typical in brokerage operations.
- Auto-scaling Capabilities
- Automatically scales resources up or down based on load.
- Batch Processing Support
- Can efficiently process large data batches in off-peak hours.
- Concurrent User Sessions
- Supports multiple users working simultaneously.
- Disaster Recovery (RTO/RPO)
- System achieves recovery time objective (RTO) and recovery point objective (RPO).
- High Availability
- System architecture supports redundancy and fail-over.
- Maximum Transaction Volume
- Maximum supported daily transaction volume.
- Peak Processing Throughput
- Maximum number of records matched per second under load.
- Real-time Performance Monitoring
- Continuous system health/performance tracking and alarms.
- Response Time
- Average end-user response time for normal operations.
- Scalable Infrastructure
- Easily scales to handle growth in users, data, and transaction volume.
Reporting & Analytics
Reporting capabilities to monitor reconciliation process, exceptions, and trends over time.
- Ad-hoc Querying
- Users can run ad-hoc database queries for reporting.
- Custom Report Builder
- Allows users to construct custom reports and analytics.
- Data Export Options
- Export reports and analytics in multiple formats (PDF, Excel, CSV, etc).
- Drilldown Capabilities
- Drill down from summary statistics into granular transaction-level details.
- Exception Trend Analysis
- Analyzes exception occurrence over different dimensions (e.g., time, counterparty).
- Interactive Dashboards
- Provides visual, interactive dashboards with real-time metrics.
- KPI Monitoring
- Monitors key performance indicators such as breaks, resolution times, and volumes.
- Real-time Analytics
- Analytics and visualizations update in real-time with underlying data.
- Scheduled Report Delivery
- Ability to automatically send reports on a schedule.
- Standard Reports Library
- Comes with a set of standardized, out-of-the-box operational reports.
Security & Compliance
Security controls and compliance features supporting regulatory and operational standards.
- Audit Trail
- Comprehensive audit logs to meet regulatory requirements.
- Compliance Certifications
- Number of current, supported, recognized compliance certifications.
- Data Encryption
- Encrypts data both at-rest and in-transit.
- Data Masking
- Masks sensitive information based on user or role.
- Data Retention Controls
- Customizable data retention and deletion policies.
- Intrusion Detection Integration
- Integrates with internal/external security monitoring solutions.
- Multi-factor Authentication (MFA)
- Supports additional authentication factors for login security.
- Regulatory Reporting Support
- Helps generate mandatory compliance and regulatory reports (e.g., MiFID II, 17a-4).
- Role-Based Access Control (RBAC)
- Defines permissions based on user roles within the organization.
- Secure User Provisioning
- Controls for onboarding, offboarding, and user access reviews.
Support & Vendor Services
Describes the quality of vendor support, training, documentation, and community resources.
- 24/7 Support Availability
- Round-the-clock support by phone, chat, or email.
- Average Support Resolution Time
- Average time to resolve a typical support request.
- Dedicated Account Manager
- Appoints a named contact for large or strategic clients.
- Feedback-driven Product Roadmap
- Incorporates user feedback in ongoing product development.
- Implementation Assistance
- Professional services for onboarding, data migration, and go-live.
- Knowledge Base Access
- Access to online documentation, FAQs, and how-tos.
- On-demand Training
- Provides online or on-site training modules for users.
- Regular Feature Updates
- Receives regular software enhancements and security updates.
- SLA-backed Uptime Guarantee
- Guaranteed minimum uptime as per SLA.
- User Community Forums
- Promotes engagement and peer-support among clients.
User Experience & Interface
Features designed for intuitive navigation, usability, and accessibility by various user roles in brokerage operations.
- Accessibility Compliance
- Meets standards for accessibility (e.g., WCAG 2.1).
- Advanced Search
- Powerful, granular search across transactions and exceptions.
- Bulk Actions
- Supports bulk update, approval, or export of transactions/exceptions.
- Contextual Help
- Integrated help, guides, or tooltips available in-app.
- Customizable Dashboards
- Users can personalize dashboards to display information of interest.
- In-app Feedback and Support
- Ability to submit feedback, report issues, or request support directly from the interface.
- Mobile Access
- Accessible on mobile devices (native or responsive web).
- Multi-language Support
- Application is available in multiple languages.
- Saved Views and Filters
- Users can save and re-use custom data views and filters.
- User Preference Management
- Users can manage notification settings, themes, and other preferences.
Workflow & Automation
Automation of business processes and collaboration features to streamline the reconciliation lifecycle.
- Automated Issue Resolution
- Automatically applies predefined rules to resolve specific exceptions.
- Automated Notifications
- Automatically sends notifications via email, SMS, or in-app.
- Customizable Workflow Engine
- Allows configuration of multi-step workflows for reconciliation and resolution processes.
- Escalation Procedures
- Automates escalation of unresolved issues after defined periods.
- Integration with External BPM Tools
- Can be linked with external business process management systems.
- Number of Concurrent Workflows
- Maximum number of active workflows supported simultaneously.
- Role-based Task Assignment
- Assigns tasks based on user roles and permissions.
- SLA Tracking
- Monitors and measures adherence to Service Level Agreements.
- User Approval Flows
- Supports multi-level user approvals within workflows.
- Workflow Templates
- Pre-configured templates for common reconciliation workflows.