IBERIABANK Cuts Reconciliation Time from Hours to Minutes with Altair
For more than 125 years IBERIABANK (the Bank), headquartered in Lafayette, Louisiana, has focused on financial growth and a commitment to the community. Today, IBERIABANK delivers comprehensive financial services to its clients through retail, commercial, business banking, private banking and mortgage lending. With a growing footprint across the southeast U.S., including Georgia and Texas, IBERIABANK manages approximately 20 billion dollars in assets.
IBERIABANK was challenged with the time it took to reconcile its general ledger accounts. Some accounts were reconciled monthly, others daily. Regardless of when reconciliation happened, the process was very laborious and time time consuming. Denny Pagnelli, Controller at IBERIABANK explains, “There are millions and millions of rows in the general ledger. We’re talking about 19 gigs of data that need to be reconciled. As we grew, it became clear that we needed to automate the reconciliation process.”
Based on Pagnelli’s experience handling reconciliations with Altair® Monarch® in his previous role at Old Florida Bank (which was acquired by IBERIABANK), IBERIABANK began using Monarch to automate its general ledger reconciliation process. Now, IBERIABANK is able to extract the necessary data from its various databases and multiple PDFs. “Using Altair, we produce flat files every night by querying our databases and import the data into our reconciliation software.”
With the assistance of Altair Data Analytics, the process is now fully automated and as a result is faster and much more efficient. Pagnelli can schedule the reconciliation process so it runs overnight, which saves them quite a bit of time. When they get in in the morning, it’s all done, without any manual intervention. “On one account, we were able to cut the reconciliation time from 2 hours to 2 ½ minutes,” said Pagnelli. “This frees up time to analyze the results and rectify any outstanding issues more quickly.”