Askrindo Indonesia Opts FSS Smart Recon to Streamline Reconciliation
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Askrindo Indonesia Opts FSS Smart Recon to Streamline Reconciliation

By CIOReview | Wednesday, September 15, 2021

Askrindo Indonesia chooses FSS Smart Recon to modernize its reconciliation operations.

FREMONT, CA: FSS Technologies Singapore Pte Ltd., a global leader in integrated payment products and a payments processor, has chosen Askrindo, a market leader in Indonesia's general insurance industry, to implement FSS Technologies' Smart Recon solution to modernize and optimize its reconciliation operations. Askrindo, a part of Holding Indonesia Financial Group or IFG, was founded in 1971 and is a fast-developing insurance services provider focused on the insurance needs of medium and small businesses in support of Indonesia's economic development.

Askrindo sought to automate time-consuming, manual spreadsheet-based reconciliation processes to support its rapidly growing operations. These processes provide issues in terms of efficiency, accuracy, and control. FSS Smart Recon automates fundamental procedures involving data extraction, enrichment, reconciliation, exception management, and settlement. Advanced workflow automation considerably decreases the time required to close daily, and period-end reconciliation tasks give users greater control over reconciliation procedures and help them stay in compliance with regulatory requirements. This frees up resources for value-adding activities such as improving customer service.

RachmadHidayat, Senior Vice President Division Head of IT at Askrindo, comments, “It was important for us to select the right technology platform on our digitalization journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion. We were impressed by FSS’s extensive experience, innovation, and depth in deploying reconciliation solutions for a wide customer base, strong local presence, and support in the Indonesian market. With FSS Smart Recon we are building an agile back-office that helps us optimize reconciliation cycles, reduce errors, and lower operational risk exposure.” 

Speaking on the partnership Krishnan Srinivasan COO, FSS PayTech, states, “Askrindo is the latest addition in our growing base of reconciliation customers in the APAC region. Askrindo needed an experienced partner to address reconciliation challenges and we are excited to work with Askrindo to deliver a modern, web-based reconciliation framework, that would help unlock new operating efficiencies, reduce risk and ensure high levels of compliance.”

FSS has collaborated with Berca, one of Indonesia's top information technology businesses, to provide Askrindo with on-the-ground technical support for proactive service management and rapid resolution of issues. It rationalizes costs and eliminates sensible overheads connected with operating day-to-day services for Askrindo.

FSS enables Askrindo to achieve its business objectives for increased efficiency, transparency, and control over the financial close process by providing a comprehensive set of reconciliation capabilities. FSS Smart Recon automates the whole reconciliation process, including premium, claims, inter-system, intercompany, and Bordeaux reconciliation. It incorporates transactional and balance-level data throughout the claims acquisition and matching process, as well as period-end premium approvals and reviews. The solution is data-independent and significantly speeds up reconciliation setup while decreasing exceptions and manual intervention, freeing up staff for value-added work.

FSS Smart Recon can reconcile millions of transactions across different systems in a matter of minutes, allowing for seamless expansion in transaction volumes. The system has been benchmarked to process one billion records of transaction data in an hour.