Askrindo Indonesia, an insurance services provider and member of Holding Indonesia Financial Group IFG), is working with payments technology provider FSS Technologies to help modernise and maximise the efficiency of its reconciliation operations.
Given its rapidly growing operations, Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which create challenges around efficiency, accuracy, and control.
By working with FSS, Askrindo is able to automate its core workflows – including data extraction, enrichment and reconciliation, exception management, and settlement.
The advanced workflow automation is expected to help reduce the time taken to close daily and period-end reconciliation activities, provide greater control over reconciliation processes, and improve regulatory compliance.
“It was important for us to select the right technology platform on our digitalisation journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion,” said Rachmad Hidayat, Senior Vice President Division Head of IT at Askrindo.
FSS has partnered with Berca, one of the largest IT companies in Indonesia, to offer on-the-ground technical support to Askrindo for proactive service management and quick resolution of issues. For Askrindo, it rationalises costs and eliminates rational overheads associated with running the day-to-day services.
FSS provides reconciliation capabilities to help Askrindo meet its business objectives for improved efficiency, transparency, and control over the financial close process.