An overwhelming task
Six weeks after the conversion, the credit union completed the research required to determine the steps for obtaining an accurate reconciliation.
Solving the problem would require gathering transaction-level information daily from five different data files, each of which typically contains more than 40,000 transactions.
That ruled out manual reconciliation as an option because it would be an overwhelming task, similar to attempting to find sets of matching needles in several different haystacks.
Instead, a software solution was demanded.
A software solution
Credit union staff began working on a software application capable of automating the reconciliation process while also identifying errant transactions.
The software application acquires and compares data from international service assessment, bank identification number, and ATM files to create a combined exception list, as shown by this diagram:
After Envision deployed its custom reconciliation application, the EFT and accounting staffs were able to perform documented reconciliations back to the beginning of the conversion and up through the current date.
The software solution effectively resolved a situation that otherwise could have resulted in membership losses and other negative consequences.
Like the Little Red Hen, the staff at Envision Credit Union found that sometimes the only real solution is to solve the problem by yourself.