How the world’s largest bank eliminated manual reconciliation work
About ICBC
The company Industrial and Commercial Bank of China (ICBC) is the world’s largest bank by total assets, with a presence in more than 45 countries. It serves more than 6 million businesses and 567 million individual customers, offering services ranging from corporate banking to asset management, with a focus on security, scale and global compliance.
Operating in Brazil since 2013, ICBC runs a robust operation focused on the corporate market, serving as an important link in economic relations between China and Latin America.
The local operation follows the rigorous standards of the Central Bank of Brazil, requiring a high level of accuracy in accounting and financial routines.
Objective
Reduce operational risks and the rework caused by manual foreign exchange and SPB reconciliations, ensuring more reliable accounting records, regulatory compliance and reputational protection for ICBC’s operations.
Challenges
Highly complex financial reconciliations, including foreign exchange transactions and SPB movements, requiring strict control and regulatory alignment.
Processes susceptible to discrepancies, compromising information traceability and potentially causing financial losses.
Ongoing compliance requirements demand accurate accounting records to prevent financial losses and regulatory findings.
The solution
ICBC addressed these challenges by automating foreign exchange and SPB reconciliations with Dattos. Following implementation, transactions began to be accurately reflected in general ledger and current accounts, improving operational security and accuracy.
The settlement between systems and customer accounts became even more efficient, reducing the need for manual intervention. The bank also eliminated repetitive processes that had previously required daily manual explanations, simplifying the team’s routine and preventing recurring open items.
In addition, the solution gave greater autonomy to the internal operations team, enabling it to create and adapt new processes quickly and respond to the specific demands of the Brazilian operation with greater control and agility.
Results
Accounting accuracy aligned with regulatory requirements
Mitigation of financial losses caused by operational failures
Prevention of findings in audits and regulatory inspections
Elimination of recurring manual explanations
Autonomy for the internal team to configure and adapt processes
“Previously, reconciliation was manual and created risks when entering information, identifying current accounts, and dealing with potential financial and reputational losses. This is extremely sensitive: if an issue is only caught during accounting reconciliation, it may be too late. We automated the entire accounting process for foreign exchange, bringing greater security and agility. Before, analysts manually explained the same open items every day. That is the gain: reducing risk, lowering the chance of entering an incorrect explanation, and accelerating the process.”
Marco Cordeiro
Deputy Head of Operations at ICBC Brazil
Want to see how your company can achieve results like ICBC’s with our technology?
“That is the gain: reducing risk, lowering the chance of entering an incorrect explanation, and accelerating the process.”