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Technology Solutions for the Finance and Insurance Industry

 

 

X-RAy: Data Reconciliation

 

 XRAy is a set of micro-project components designed to resolve a wide range of reconciliation issues within an entire organization.  The XRAy power- tool is derived from years of experience with standard and in-house systems to meet the needs of the financial and service industry.

 

 XRAy allows organizations to

Focus on the business by saving time and effort otherwise spent on tedious reconciliation processes

Reconcile information along the entire processing chain: from Sales and Production, Front-Office, Operations to Accounting and Reporting

Automate reconciliation processes by defining information sources, transformation and matching rules and reporting criteria without programming an application for each process

Consolidate existing reconciliation applications into one uniform framework

Leverage from the experience built into the product

XRAy Components

The five main components of XRAy are shown in the picture below:

 

The system allows to define information sources that deliver the data for the reconciliation process. These sources can be in the form of ASCII files or exports from relational databases or a mixture of both. The information encompasses the name, type and contents description of each source.

At the core of XRAy is the InfoBase. The InfoBase consists of a generic industry dependant data model that will cover most of the reconciliation needs, enhancements will rarely have to be done.. The data model follows the Star schema approach and distinguishes between two categories:

Event or transaction information such as insurance premium payments, claims filed, etc.
Descriptive information such as customers, location, agent, etc.

Information from these two categories define the matching process. Events or transactions represent the core information that will be aggregated and investigated along the available description categories

 

XRAy’s features include

Normalized data model and data base for a wide variety of reconciliation needs
Flexible load and transformation engine that supports ASCII, XML and relational formats
Rules editor and rules engine for the definition and execution of matching criteria between the sources of information
Reporting engine that allows to aggregate and drill-down the results by flexible criteria

In addition to the features of most data conversion and transport tools in the market XRAy offers a proven industry-specific normalization layer and the integrated reporting engine.

Please see white paper for more details

White Paper

 
Download PDF version

 

 

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