Infosys, a global leader in consulting, technology and outsourcing solutions, today, announced the launch of the Infosys Transaction Reconciliation Solution (ITRS). ITRS is a unified solution that helps banks automate and centralize their reconciliation across multiple channels, reduces costs by offering simple, easy-to-use tool for bank employees to perform reconciliation tasks and functions. With automation and optimization, the solution helps reduce the need for manual interaction and increases performance through auto-matching & straight through processing.

In a dynamically changing regulatory environment, with acts such as Dodd Frank, EMIR and Basel III, the need for a simple solution to meet changing reconciliation and reporting needs is accelerating. With global spend on reconciliation expected to reach USD 1.27 billion by 20171, banks are increasingly looking for automated solutions. A unified reconciliation solution such as ITRS helps banks efficiently while meeting the regulatory needs.

Mohit Joshi, executive vice president and head of financial services, Infosys, ''A well-planned reconciliation helps banks reduce risks emanating from disparate systems and processes or manual interventions. Lack of a centralized, automated system could lead to expensive rework of reports and delays in account settlement. ITRS draws on our extensive experience of serving the evolving technology needs of global banks.''

Shares of the company gained Rs 99.55, or 2.66%, to settle at Rs 3,847.20. The total volume of shares traded was 71,248 at the BSE (Wednesday).