Integra Solutions: The Reconciliation Specialist for the Mortgage Industry

Integra Solutions: The Reconciliation Specialist for the Mortgage Industry

CIO VendorChristian T. van Dijk, President
Information security remains a major concern for financial institutions, but smart CIOs are also considering data integrity and standardization— particularly when it comes to reconciliation. Ripe for automation, the reconciliation process requires a seamless solution that promotes accuracy and visibility throughout the organization. Yet all too often, reconciliation is completed using cumbersome Excel macros or a patchwork of in-house software. These solutions leave ample room for human error; lack scalability; and fail to account for related upstream and downstream processes.

“At the heart of the issue are risk mitigation and processing integrity: protecting data and letting people do their work,” says Christian T. van Dijk, Enterprise Solutions Architect and President of Integra Solutions. “We deliver a complete, end-to-end reconciliation solution that accomplishes both, with a focus on risk, audit and compliance concerns.” According to van Dijk, the key to effective reconciliation is to remember that the process never happens in isolation: “You must address what comes before and after.” That’s why Integra’s flagship product, SunriseRecon includes modules for adjacent processes like cashbook summary, clearing reconciliation and EFT settlements.

A software development and business advisory services company, Integra Solutions delivers modern technological solutions for the financial services industry. The Integra team developed SunriseRecon after facing their own challenges in the mortgage servicing industry. SunriseRecon is the only custodial reconciliation engine that not only tracks and resolves outages, but also identifies their root causes and tracks each item’s aging until it is resolved. The feature-rich software also provides complete data visibility thanks to user dashboards, workflows and automatically generated formal reports. Delivered as SaaS, SunriseRecon is powered by Amazon AWS.

At the heart of the issue are risk mitigation and processing integrity: protecting data and letting people do their work

It includes free upgrades, bug fixes and industry-specific functional updates.

Clients cite SunriseRecon as a source for both cost savings and increased profitability. One client came to Integra after a failed Excel macro cost them four days of productivity during a peak period. Meanwhile, another mortgage-servicing client has reduced manual clearing from an average of 400 items per day to about three. “They decreased their audit preparation time from several weeks to about fifteen minutes per account,” says van Dijk. SunriseRecon has ultimately allowed their analysts to complete double the number of reconciliations, so the software has been a boon for the company’s overall growth.

While banking institutions have historically been reluctant to outsource software development, today’s forward-thinking leaders see the benefits of adopting an externally developed tool like SunriseRecon. Developed by a team with both functional and technical expertise, SunriseRecon has been extensively field tested and peer-reviewed. Meanwhile, because the Integra team has domain knowledge in the mortgage and banking industries, they can work closely with clients to identify emerging market challenges and proactively integrate new features into SunriseRecon. For example, they are currently working with one client to build an escheatment solution to expand their disbursement clearing reconciliation offering.

What is the next step for SunriseRecon and Integra Solutions? van Dijk notes that reconciliation is deeply reliant on good data sets, and the company will continue to focus on keeping information security at the forefront, along with finding innovative ways to apply the technology to other business functions. The firm is also looking beyond banking. Integra Solutions will soon expand to other industries that face unique business process challenges like those of the mortgage industry.