Our Account Reconciliation services help corporations reduce both administrative effort and cost, and protect against errors and fraud with automated matching of check paid and issuance information.
Sovereign's automated Account Reconciliation Processing services deliver the clearing and balance information you need, account by account, on the schedule you specify:
daily, weekly, monthly, by accounting period, or on specific days. Our system will also detail deposits from multiple locations into the same account, giving you an accurate picture of sales activity and collections across your company.
Reconciliation options include:
Full Reconciliation
You provide us with data on checks issued and our automated system matches this
information against checks clearing your account. You receive a full reconciliation
report, including checks paid, outstanding items and exceptions. Reports are available
via email and FTP.
Partial Reconciliation
Eliminate the paperwork of routine reconciliation. You receive a report of items paid that are
sorted according to your instructions. We also provide a detailed summary of account
activity and information on paid checks and stopped items. Delivery can be scheduled
to coincide with your reconcilement period.
Rather than establishing individual accounts for each business location, you can use Sovereign's deposit reconciliation service to provide a detailed listing of deposits by location into a single checking account.
Sovereign's Positive Pay service automatically matches each check presented for payment against a list of checks issued. Our Payee Positive Pay service reviews the payee name on the "Pay to the Order Of" or "Payable to" portion of a commercial check. This additional layer of protection dramatically reduces the potential of fraud loss.
CD-ROM check imaging from Sovereign stores up to 25,000 indexed check images
on each CD, thereby eliminating the complication and frustration of filing and storing paper
checks and then retrieving them for research purposes.
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