UNIVERSAL RECONCILIATIONDeepa Goyal
2 I © 2016 Prosper. All Rights Reserved. Proprietary and Confidential.
Universal ReconciliationServicing ~500K monthly Financial Transactions, there is a need for an Auditable Unified Transaction Level Validation.
Wells Fargo Data FeedsLoan Transactions HistoryPaper Statements
What is the Universal Reconciliation DataMart?
Combine ACH, Bank draft and Check Reconciliation into single
persistent Reconciliation DataMart
Auditor and Finance Friendly line-by-line record of all
reconciliation activity across all Operations.
Facilitate Analytics on Reconciliation at a daily, weekly or
monthly grain
Scalable Design far beyond ~500K monthly Servicing
Transactions
Database record for Reconciliation Notes and associate relevant
JIRA History.
Reconciliation is the process of validating all Prosper Transactions Sourced from Spectrum and Wells Fargo Data Feeds
against Bank Statements and Match Cash Balance.
Scale for Business Value
Auto Reconcile over 99% transactions achieving Proactive
Operations response
ME Close for Accounting and Finance within 1 Business
day after EOM.
Make Prosper Audit Ready!
Reconciliation Feedback within the same month
Reduce Manual Reconciliation Effort
Surface and escalate System generated issues as soon
as they occur
Identify action items faster and make more time for
Resolution
CircleOne 99.43%
Statements 100%
Bankreport 99%
Drive Operations Excellence
Tableau Dashboard showing Reconciliation Status and
Backlog to drive Prioritization and Planning Each day
Quantifiable Reconciliation Effort estimates and Backlog
tracking.
Data-Driven resource allocation and prioritization.
Isolate Primary Source System causing Error
Servicing Retrospective to evaluate Cost of Processing and
Handling transactions
Resource Planning
and allocation
Daily
Status
PrioritizationServicing
Cost Evaluation
Audit Trail Call to Action
All The Data
Single Format ANALYTICS!
Designing for Operational Excellence
Bank Statement- Wells Fargo sends database copy of Paper Statements for All Prosper owned bank accounts
Bank Data- Wells Fargo Transaction Processing that is not initiated by Spectrum:
Fremont Lockbox Facility - Associate paper checks to LoanIDs and Deposit
ACH and Check Returns as a results of Stop Payments, Closed Accounts, NSF on Borrower
Marketplace - transactions driving Borrower and Investor Reporting
Universal Recon Data
Mart
Bank Statements
BankReport(Bank Initiated Transactions)
CircleOne(Prosper
Transaction History)
Analytics Focused Dimensions, Categories and Flags to slice and dice the
data:
Record Date
Source System
Reconciliation Label
Reconciliation Notes
Reconciliation Category
Associated JIRA Ticket
6 I © 2016 Prosper. All Rights Reserved. Proprietary and Confidential.
BEFORE
Questionable Data Accuracy
Non searchable - Spreadsheet documentation
Time consuming copy paste, prone to manual error
Reconciliation at daily aggregate level lacking Transaction level detail
Inability to scale for growing volumes
7 I © 2016 Prosper. All Rights Reserved. Proprietary and Confidential.
AFTER
Reconciliation Scorecard
Data inserted through Automated SQL code
Database record for each line with limited edit permissions
Auto Refreshing Tableau Dashboards showing progress and isolating
variances
Transaction level detail available for Auditable transaction history
Auto Reconciling code included in the stored procedure
8 I © 2016 Prosper. All Rights Reserved. Proprietary and Confidential.
Next Steps:
June• Finalize Columns by testing for Lockbox Reconciliation• Update statements to handle maximum possible reconciliation by auto reconciliation for
Lockbox.
July
• Rewrite Lockbox Reconciliation Procedures to use Universal Reconciliation• Production Deployment of Phase 1 Universal reconciliation• Build Tableau Dashboards for Key Metrics showing Work Load and error buckets.• Code Skeleton for ACH Reconciliation Code
August
• ACH Reconciliation Phase 2• Testing in Tabreporting for Scalability and stability• Establish Reporting metrics required for ACH Reconciliation• Phase 2 Deploy to Production
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