Megasol Technologies

Sweden

Gamla Torget 5

753 20 Uppsala, Sweden

Telephone: +46 18 60 49 30
Fax: +46 18 60 49 31
Toll free: +1 800 969 7415
E-mail: info@megasol.se

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Corniche features true multiple currency accounting. Although wizards ease the entry of the most complex transactions, old-fashioned posting through journals is still an integral feature of the system if required. Accounting staff can create station journals - single currency postings. These are combined into a Day Journal in which a mix of transactions in many currencies for the same date can be seen. Of course, every currency's transactions must balance. The Day Journal can be viewed in a number of ways – from a client transaction perspective, from a master account perspective, from an automatic fees perspective and so on. And of course, even at this stage, documents such as invoices or faxes can be scanned in or uploaded to add perspective to transactions.
The Corniche reconciliation feature allows correspondent or broker accounts to be reconciled when statements are received. But we recognized that our clients might want to reconcile any general ledger account against a set of source transaction documents or a list in statement format. And so we built in the capability for any ledger to be reconciled and the results of reconciliation locked. When combined with the advanced selection criteria and the ability to hide already reconciled items, accounting staff will find Corniche reconciliation to be fast and efficient.
Corniche supports unlimited currencies. Default exchange profit margins can be applied to each currency and sets of pointers determine which general ledger accounts will be updated when certain automated accounting tasks are carried out. Commodities can be currencies and a wide range of physical measures is built into Corniche such as Troy Ounces, Grains, Barrels. Using the optional Commodity Exchange module, Corniche can be used for commodity broking and for managing client physical or digital commodity purchases.

At the heart of Corniche is the transaction code. Each code fully describes the accounting for a specific transaction and thereby reduces errors. The ability to specify default posting accounts and even default amounts is included, and transaction codes support the attachment of (a) up to four service fees or charges which may then be merged into a single charge which the bank customer will see, and (b) forced transfers – a powerful mechanism for moving credit funds automatically in part or in full from the destination account to a new nominated account.




Client enquiry presents in a simple format on multiple tabs the 10% of information held on a client which a back-office user needs to review 90% of the time. Of course, links allow the user to drill-down to more information wherever appropriate. Client portfolios can be consolidated to any currency and either the available or book balance may be shown. Full statements are always available – disk space is cheap and a client’s history should always be available. In Corniche, onscreen-statements are in, and digging through a filing cabinet for old statements is out!
There is more than one way to manage term deposits in Corniche but everyone’s favourite is the Investment Queue. Not only does this tool allow management of term deposits purchased online by your clients through the CornicheNet Investment Products sales area, but back-office staff can create new term deposits with just a few clicks of a mouse.
The Swiss Army Knife of Corniche is the Transaction Wizard. This powerful toolset is based around defaults which are established when Corniche is being set up. Thereafter, complex multiple currency transactions such as third currency payments between clients who have accounts in two different currencies are a breeze. The greatest benefit is high accuracy of work from inexperienced staff since the preset defaults and the steps of the wizard coach the user through the process.




Corniche supports current, savings, call and loan accounts as well as term deposits and CDs. It also supports commodity accounts for storage of physical or digital amounts of commodities. Finally, Corniche supports non-posting memo accounts which can be configured to do unusual things like list securities, present a debit card statement or list the contents of a safety deposit box. Monthly service charges can be applied to accounts and varied on a client by client basis if necessary. Of course, pointers are used to tell Corniche where to post and how to carry out the automated functions.
Corniche has built-in support for most aspects of card management. In addition, it has interfaces to a number of popular card processors and new interfaces are quick and easy to add. Common functions such as issuance, card load, card unload and card-to-card payments are all supported and, if available from the card processor, Corniche can display card statements and balances.
Task Manager is a step-by-step approach to managing organisational tasks using Corniche. Tasks can be prioritised and split into an unlimited number of steps each assigned to a specific employee group to handle. Visual cues inform employees that task steps are soon coming or have been assigned to them. Documents associated with a task can be scanned in or uploaded and can be marked up using special drawing tools. Tasks, and indeed, associated documents can be duplicated so that if an incoming fax has raised a number of unrelated issues, setting them up as individual tasks is simplified.
CornicheNet is one of the most advanced online banking solutions available – and this form allows you to maintain details of the clients who will use it such as username, password and sub-users. Yes, not only can the client assign sub-users within CornicheNet, but authorised back-office employees can add them here in response to a faxed instruction or a secure message. Of course, sub-user rights within CornicheNet are strictly read-only.