Commonwealth Bank of Australia Selects FIS Platform to Streamline Reconciliations | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Financial technology group FIS has been selected by the Commonwealth Bank of Australia, the country’s largest bank, to consolidate and automate reconciliation across the institution using its Data Integrity Manager platform.
The platform will process in excess of 150 million transactions per day.
The solution, delivered as a software-as-a-service product via Microsoft Azure, is expected to replace fragmented reconciliation processes with a single, unified platform.
The company noted that it offers real-time visibility, automated discrepancy alerts and a consolidated view across business lines. FIS explained that the platform’s high-performance architecture can process large volumes of data in minutes rather than hours, improving operational efficiency.
Andrés Choussy, President of Capital Markets at FIS, stated: “By bringing reconciliation onto a single, intelligent platform, we are enabling CommBank to unlock seamless integration and operational efficiency while ensuring the stability, security, and compliance essential to supporting Australia’s largest bank.”
The engagement also incorporates FIS’s enterprise-grade risk and compliance capabilities, including SOC1 and SOC2 certifications, and is designed to support CommBank’s federated software architecture.
David Pont, General Manager of Financial Control and Transformation at Commonwealth Bank, believes the implementation reflected the bank’s focus on investing in technology to strengthen operations and ultimately benefit customers.
“With FIS Data Integrity Manager, as a strategic partner we gain a platform that can scale with our business and support our continued growth,” he added.
FIS will manage ongoing upgrades to the solution, enabling faster delivery of new capabilities without placing the operational burden on CommBank’s internal teams.
