IBERIABANK Streamlines Reconciliation Process with Altair
Technology Category
- Infrastructure as a Service (IaaS) - Cloud Databases
Applicable Industries
- Finance & Insurance
- Retail
Use Cases
- Time Sensitive Networking
About The Customer
IBERIABANK is a financial institution with a history spanning over 125 years. Headquartered in Lafayette, Louisiana, the bank is committed to financial growth and community service. It offers comprehensive financial services to its clients, including retail, commercial, business banking, private banking, and mortgage lending. With a growing presence across the southeast U.S., including Georgia and Texas, IBERIABANK manages approximately 20 billion dollars in assets. The bank's commitment to efficiency and growth led to the need for an automated solution to streamline its laborious reconciliation process.
The Challenge
IBERIABANK, a financial institution with a growing footprint across the southeast U.S., was facing a significant challenge with its general ledger account reconciliation process. The bank, which manages approximately 20 billion dollars in assets, had to reconcile millions of rows in the general ledger, a process that was laborious and time-consuming. Some accounts were reconciled monthly, others daily, but regardless of the frequency, the process was a drain on resources. As the bank continued to grow, the need for an automated reconciliation process became increasingly clear. The bank's Controller, Denny Pagnelli, highlighted the issue, noting the 19 gigabytes of data that needed to be reconciled.
The Solution
IBERIABANK turned to Altair's Monarch solution to automate its general ledger reconciliation process. This decision was influenced by Pagnelli's positive experience with the software in his previous role at Old Florida Bank. With Monarch, IBERIABANK was able to extract the necessary data from its various databases and multiple PDFs, producing flat files every night by querying the databases and importing the data into their reconciliation software. The process could be scheduled to run overnight, eliminating the need for manual intervention and significantly reducing the time spent on reconciliation.
Operational Impact
Quantitative Benefit
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