Financial institutions face a variety of challenges including increased regulatory requirements, added pressure to reduce costs, and finding ways to improve operational efficiency — all while increasing client acquisition and retention. At the same time, responding to audit confirmation and credit inquiry requests is extremely manual, inefficient and increases a bank's level of risk. Confirmation.com automates audit confirmation and credit inquiry processes, allowing banks to comply with regulatory standards, increase productivity, and reduce risk.
Auditors mail millions of audit confirmation letters to banks annually, requesting confirmation of their clients' balances and arrangements. The traditional process is slow and time-consuming.
As a FREE service for banks, Confirmation.com is used by more than 3,000 banks to process more than $1 trillion in confirmations each year. The Confirmation.com online platform drives efficiency, helps combat fraud, and enhances the customer experience.