MIRROR is an Account Reconciliation product for banks that manage:
Nostro Account Reconciliation
MIRROR seeks data from the internal Treasury systems (all the deals and transactions) and matches the same with the corresponding Nostro Statements coming from Nostro Banks. Thus, the reconciliation is done between one source of data coming from the Internal Treasury system and the other coming from SWIFT.
The Key features of MIRROR:
Matching criteria is adaptive at the system level or defined specifically for each correspondent.
Allows manual entry from statements where electronic transaction data is unavailable.
Allows 1-1, 1-many, many-1 and many-many combination for reconciliation.
Internet browser-based, thin client architecture allows for reconciliation to be carried out from multiple workstations, locations accessing application on a central server.
Robust Matching Engine with versatility for defining matching options
Supports SWIFT message format for Data Download and Upload
Easy, Flexible interface for Data Download and Data Upload to handle external data
Add-on Module to manage Exceptions
Add-on Module to manage Communications
Functional Features include the option of manually keying in the reconciliation data (Both ledger and statement side) as well as automatically uploading the data into the application with the help of an automatic up loader. File formats for support are in SWIFT standard formats of MT940/950 (for both Ledger & Statement side uploads). This saves both time and manual effort.
Three types of matching algorithms used for performing reconciliation include:
Manual match where the users have to select the entries on both the ledger and the statement side and then match.
Automatic match where rules are defined for different accounts and these rules are used automatically to match the data from the selected accounts.
Intelligent match where there is a set of ten predefined rules to match the data for the selected accounts.