Diamond Bank has commenced the implementation of Clirec, its accounts reconciliation solution which comes from the stable of Precise Financial Systems (PFS), a software provider. Clirec enables companies to reap the rewards of a more efficient operation.
The selection of the reconciliation application from PFS, an indigenous company was made after an extensive evaluation process that included detailed presentations, demos and site visits to existing users of the software.
The Managing Director/CEO of Diamond Bank, Mr. Emeka Onwuka said with the deployment of a state-of-the-art technology offered by PFS, the project would set industry-benchmark on timely and effective use of locally developed, but globally acclaimed technology in Nigeria.
HeÂ added that deploying Clirec technology would enhance the skills of Diamond staff, while urging those being trained on how to handle the processes to be committed in order to justify the investment Diamond bank has expended in that direction.
Also speaking on the development, Mr. Yele Okeremi, the Chief Executive Officer of PFS expressed pleasure in the choice of his company as technology partner for reconciliation solution in Diamond Bank and pledged the readiness of the company to demonstrate new possibilities for financial services industry in Africa with its technology.
He explained that PFSâ€™s systems and processes would be the foundation and enabler of accurate and timeliness of reconciliation in the bank, adding that the companyâ€™s wealth of experience and understanding of Nigeriaâ€™s financial industry backed by strongÂ local service and supportÂ is an asset to organizations in the country and Africa at large.
Diamond Bankâ€™s intention is to eliminate time wastage, data redundancy, human errors, delayed and late reporting, and uncoordinated reconciliation efforts because of the absence of a single platform for reconciliation.
An integrated comprehensive solution for reconciliation, Clirec brings to the bank a culture of timely, accurate and reliable accounts reconciliation system.
A single platform that integrates all classes and types of reconciliation efforts in the bank irrespective of department, region, automated, operations, control and audit reports accessible, Clirec allows user access to the system irrespective of location or responsibility and direct interface with the bankâ€™s Core Banking Application and other sources of reconciliation data for data integrity and accuracy.
Clirec ensures low personnel requirement for account reconciliation exercise as the process becomes less manual intensive and thousands of times faster than manual situations. According to a statement from PFS, the software employs a modular and parametric approach to the management of accounts and Web-based technologies.
Clirec suites allow Diamond Bank to select those functions it needs to increase operational control and effectiveness, as it comes with Nostro (foreign accounts), EFT, Vostro (local account) and non-financial account transactions.
Aside Diamond Bank, 11 other Nigerian banks have already deployed Clirec, and about 46 other companies including public sector institutions, oil companies, telecommunications companies, manufacturing outfits, airlines and logistics have installed the application as well.