• Ricky Fourie
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South Africa's MoData moves auto-reconciliation to the Cloud

MoData, one of Africa’s leading digital enablement and cost-optimisation companies, will be officially launching ‘auto-Reconciliations in the Cloud’ at the forthcoming Finance Indaba Africa in Sandton on the 16th and 17th of October.

The cloud-based reconciliation platform is built on the Fiserv’s world-class Financial Control Solution, which counts leading South African organisations such Old Mutual, Bidvest, and MultiChoice among its users. Previously, the solution was available only to African organisations as an on-premises solution.

Deployment of the platform as a cloud solution in South Africa makes this much more accessible and more affordable to African companies. The platform is available with a free library of rules, so it is easy to use with minimal training.

auto-Reconciliations in the Cloud removes many of the back-office blockages that hinder digital transformation programmes as well as providing demonstrable operational efficiency gains over manual processing, reduces revenue leakage and shrinkage through internal theft as well as cuts the risk of errors resulting in financial loss and reduces revenue leakage. The auto-Reconciliation solution delivers the following benefits to companies:
• Up to 75% reduction in write-offs
• 90% improvement in reconciliation time
• Two to four-day timesaving on closing financial periods
• Up to 70% improvement in process efficiency
• Up to 85% elimination of internal fraud

“auto-Reconciliations in the Cloud is a comprehensive, end-to-end account reconciliation and certification solution that handles all transaction types and financial instruments. It can automate the entire reconciliation process, from the acquisition of any type of data and matching right through to period-end approvals and reviews,” says Darren Turnbull, CEO at MoData, Fiserv’s’ strategic partner for Africa.

“Accounting practices can use this solution to deliver an enhanced service to their clients, without making any large investments in software. Offering the Financial Control engine as a cloud-based solution makes it affordable to a wider range of clients and enables organisations to rapidly extend use of the platform for an even faster return on investment.”

“MoData has also developed the ‘LeveragePoint Calculator’ so South African companies and accounting practices can test with their own data and determine how much of an improvement they will gain by using the solution.”