Case Studies

Award-Winning Reconciliation Automation for a Singapore Enterprise Bank

  • Industry: Banking & Financial Services
  • Service Pillar: Data & AI → Reconciliation Automation

Executive Summary

Mindmap Technologies delivered a next-generation reconciliation automation solution for a leading enterprise bank in Singapore, addressing massive transaction volumes and complex multi-currency reconciliation requirements. The engagement streamlined financial operations, enhanced compliance accuracy, and introduced a scalable digital framework. This initiative was recognized with two prestigious awards: Singapore Technology Innovation of the Year – IT Services and the SBR Technology Excellence Award 2025 (Startup – IT Services).

Problem Overview

  • High transaction volume of 40–50 million records daily, spanning multi-currency accounts and multiple systems.
  • Existing reconciliation tools lacked customization, format flexibility, and scalability to handle enterprise-grade workloads.
  • Complex one-to-many matching scenarios delayed exception resolution and compliance reporting.
  • Operational bottlenecks and high dependency on manual intervention caused late financial close cycles.

Our Solution

  • Developed an ETL-integrated reconciliation automation engine that ingests data from multiple formats (CSV, BAI, ACH, SWIFT, camt.053, etc.) via APIs.
  • Automated matching and exception workflows using configurable business rules, tolerance thresholds, and real-time audit logs.
  • Enabled near real-time reconciliation with dynamic reporting and exception prioritization dashboards.
  • Delivered a user-friendly interface with zero IT dependency for day-to-day operations and customizable API touchpoints.

Technologies Used

Azure Synapse, Snowflake, Airflow, Azure Data Factory, Power BI, Databricks, Terraform

Key Outcomes

01

Achieved up to 45% time savings compared to the legacy reconciliation tool.

02

Improved compliance accuracy with complete end-to-end traceability and audit trails.

03

Accelerated financial close cycles with intra-day and start-of-day (SOD) reconciliation.

04

Enabled the bank to scale to higher transaction volumes without proportional increase in headcount.

05

Recognized with two national awards for technological innovation and service excellence in reconciliation automation.