Marginalen Bank Saves 50-70% on Time Spent on Reconciliations with Adra® by Trintech
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Business Drivers to Automate
Marginalen Bank is a popular bank in Sweden with very high flow through its bank account but struggled with a highly manual and inefficient reconciliation process. “We used to conduct all of our reconciliations manually,” said Gunilla Eriksson, Head of Funds Management at Marginalen Bank.
“Anyone who has ever sat at the kitchen table at night matching up 30 pages of bank statements using a yellow and a red pen without success knows what that process is like!” Marginalen Bank quickly realized how much time and manual effort they were spending on this process and knew they needed to implement a solution because the process was becoming unmanageable.
I have been in this line of work for a long time, and tend to be quite critical, but this is probably among the smartest solutions I have seen. I am very satisfied!”
Why Adra® by Trintech?
“Our goal was to find a solution that would automatically reconcile 80-90% of or accounts,” continued Erikkson. After evaluating a few solutions in the market, Marginalen decided to implement Adra.
“It was obvious that the developers of Adra are very familiar with how the reconciliation process works,” said Eriksson. “They have understood it and created a solution that works. It’s strange that no one else has managed that. I take my hat off to them!”
“We have benefitted significantly from implementing Adra and that success is hugely attributed to the Adra implementation team,” continued Eriksson.
They know exactly what they are doing and are able to customize the solution to meet our unique needs. They also respond as soon as we lift the phone and ask for any support—the investment is well worth the money!”
Solution in Action
Marginalen Bank believes the main advantage of Adra is about the time and money saved. “We have saved 50-70% on time spent on reconciliations each month,” said Eriksson. “Thanks to Adra, we are finished with out reconciliations by the 10th of each month. I find it hard to imagine that there are still companies that do not reconcile automatically. We could never manage it!”
“In the latest version of Adra, multiple users can use the same product license. We have gone from being one user to seven, so I was able to recover the price increase after only two months. We have also been innovative with the solution and use automated reconciliation in other areas, such as the intercompany loans within the group. I am now in the process of including the ledger. It is absolutely superb,” said Eriksson.
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