Latino Community Credit Union automates financial reconciliation

Latino Community Credit Union has adopted ReconArt's reconciliation and financial close management platform to automate its financial processes. The North Carolina-based credit union, which serves over 140,000 members and manages assets exceeding USD $1 billion, is implementing the platform to manage transaction matching, account reconciliation, and period-end certification.

Operational complexity

The credit union's finance team has been challenged by increasing complexity in maintaining its general ledger and existing spreadsheet-driven daily reconciliations. As its services-encompassing mortgages, deposit accounts, and a variety of consumer loans-continue to expand, the institution identified a need to replace manual processes with a more robust automated system. This measure aims to reduce operational risk and improve efficiency.

Automated workflows

The ReconArt solution brings automated matching and high-volume daily transaction processing capabilities to LCCU. It features exception management tools to quickly identify and resolve discrepancies. In addition, the system generates automated journal entries from external sources such as Federal Reserve statements, helping the finance team cut down on manual work and improve data accuracy.

Controls and compliance

The platform supports compliance with regulatory and internal standards by providing reviewer-approver workflows. These workflows incorporate audit-ready sign-offs and enforce separation of duties, reinforcing internal controls. Automated scheduling and reporting functions are included, helping to eliminate manual interventions and reduce opportunities for error.

Data integration

ReconArt's Data Factory (RDF) integration layer enables LCCU to handle and validate multiple data feeds from diverse sources. This feature is designed to ensure consistency across various systems and streamline the reconciliation process.

Sector challenges

The unique structure of credit unions-as member-owned, community-focused institutions-presents distinctive financial reconciliation challenges when compared to commercial banks. With lean resources, they must maintain efficient processes and strict compliance to regulatory requirements. ReconArt's platform is tailored to help credit unions balance these demands without sacrificing service quality.

"It's always very exciting to work with and support a financial institution with strong roots and impact in its community. LCCU's commitment to modernize how they approach internal processes such as reconciliation is about something beyond generating operational efficiency. In practicing and exceeding what is expected of an organization of this size, they are in fact innovating and better serving their community," said Geri Davies, VP Client Success, ReconArt.