Mr Oluwaseun Layade, Head of Project Management and Corporate Development, CWG Ghana Limited, says organisations are relying on the capabilities of technology to achieve their objectives in today's environment. He said as a technology-focused organisation, they empowered businesses to achieve their core objectives, and that in partnership with PFS from Nigeria, they were introducing an account reconciliation solution tailored for banks and financial institutions in Ghana. Mr Layade was speaking at the launch of CLIREC, an AI-enabled accounts reconciliation solution, particularly for Ghanaian banks and financial institutions?CLIREC was introduced in partnership between?CWG Ghana Limited and Precise Financial Systems (PFS). The system aims to streamline the reconciliation process, reduce fraud risks, and enhance efficiency by significantly cutting down the time required for reconciliation. The solution has been implemented in over 40 countries and is designed to improve the quality of information for better decision-making in both public and private sectors. Mr Layade said many organisations faced significant challenges with end-of-day account reconciliation, which often relied on manual or semi-automated processes, but the CLIREC Account Reconciliation Solution addressed this issue with a fully automated system powered by AI. 'A key part of fraud is manual interventions, so once you have a system that is very much automated, it reduces the footprint for a person to be able to do things,' he added. He said while it was evident that systems could be programmed to facilitate fraud, comprehensive checks and balances had been incorporated into the tool, ensuring robust safety and security for customers. Mr Layade said efficiency was the speed of reconciliation, and that traditionally, staff spend hours reconciling accounts daily but with the solution, the process could be completed in just a few clicks, reducing what typically took four to five hours to a matter of minutes. Mr Philip Ayeni, Deputy Managing Dire ctor, PFS, said the initiative was to promote the Pan-African spirit by highlighting the immense potential within Africa. He said by collaborating and maximising resources together, greater outcomes could be achieved to foster growth that benefited the continent. The Deputy Managing Director said the account reconciliation solution was designed to automate the reconciliation process, addressing a common concern for businesses. He said while its benefits extended to all sectors, it would primarily focus on its application within financial institutions. 'There are some banks that have, 1000s of accounts to reconcile, which they have to do on a daily basis, so how many people do you want to employ, how do you enforce the standards if you do not automate,' he added. Mr Ayeni said by collaboration, they could establish an effective system that not only implemented the solution but also created an enabling environment for clients to operate optimally. He said over the past 30 years, they had identified numero us shortcomings that needed to be addressed to enhance overall efficiency. The Deputy Managing Director said the system had been designed to be free from litigation, providing a reliable and verifiable solution. 'It facilitates staff training and ensures proper segregation of duties throughout the organisation, alleviating concerns about employee turnover and its impact on operations,' he said. Source: Ghana News Agency