Altair Case Studies IBERIABANK Streamlines Reconciliation Process with Altair

	IBERIABANK Streamlines Reconciliation Process with Altair Altair

IBERIABANK Streamlines Reconciliation Process with Altair

Altair

Technology Category	Infrastructure as a Service (IaaS) - Cloud Databases
Applicable Industries	Finance & Insurance Retail
Use Cases	Time Sensitive Networking
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

Technology Category

Infrastructure as a Service (IaaS) - Cloud Databases

Applicable Industries

Finance & Insurance

Retail

Use Cases

Time Sensitive Networking

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.

About 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.

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.

Impact #1	The implementation of Altair's Monarch solution has revolutionized IBERIABANK's reconciliation process. The process is now fully automated, running overnight without the need for manual intervention. This has not only saved significant time but also allowed the bank to focus on analyzing the results and rectifying any outstanding issues more quickly. The bank can now manage its growing assets more efficiently, with the Controller able to schedule the reconciliation process to run overnight, ensuring that the work is completed by the time they arrive in the morning. This has significantly improved the bank's operational efficiency and streamlined its reconciliation process.

Impact #1

The implementation of Altair's Monarch solution has revolutionized IBERIABANK's reconciliation process. The process is now fully automated, running overnight without the need for manual intervention. This has not only saved significant time but also allowed the bank to focus on analyzing the results and rectifying any outstanding issues more quickly. The bank can now manage its growing assets more efficiently, with the Controller able to schedule the reconciliation process to run overnight, ensuring that the work is completed by the time they arrive in the morning. This has significantly improved the bank's operational efficiency and streamlined its reconciliation process.

Benefit #1	Reconciliation time for one account was reduced from 2 hours to 2 ½ minutes
Benefit #2	The process is now fully automated, eliminating the need for manual intervention
Benefit #3	The solution is able to handle 19 gigabytes of data that need to be reconciled

Benefit #1

Reconciliation time for one account was reduced from 2 hours to 2 ½ minutes

Benefit #2

The process is now fully automated, eliminating the need for manual intervention

Benefit #3

The solution is able to handle 19 gigabytes of data that need to be reconciled

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Overview

IBERIABANK Streamlines Reconciliation Process with Altair

Operational Impact

Quantitative Benefit