Thousands of transactions are processed and executed on a daily basis across various bank branches and departments. Each of those transactions require verification authentication and auditing. In most cases, transaction auditing is done manually and given the high cost of such a process, banks tend to avoid taking the comprehensive route and instead opt for auditing on case by case basis or audit based on pre-defined rules only.
01 Systems Transaction Auditing System (TAS) automates and streamline the transaction auditing process. The objective of the solution is to automatically audit the majority of the transactions while at the same time provide a well-defined process flow to correct any suspect cases.
The solution will import core banking transactions on daily basis and then link those to actual documents and vouchers captured or scanned by different banking units. Most of the cases are automatically reconciled and the remaining cases with irregularities are moved to a review and correction stage. This significantly lower the cost of auditing and guarantees a far more accurate audit result, while at the same time, achieving a comprehensive and complete transactions audit.