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Censof: RAAS Will Assist in Automating Bank Reconciliation

Censof: RAAS Will Assist in Automating Bank Reconciliation

PUTRAJAYA, May 24 (Bernama) — Censof Holdings Bhd, a technology holdings company specialising in financial management software solutions, yesterday launched its software robot, also known as Recon as a Service (RAAS) to automate bank reconciliation process for government agencies.

The launch was in conjunction with its wholly owned subsidiary Century Software (Malaysia) Sdn Bhd’s 25th anniversary celebration and was witnessed by the Accountant General of Malaysia, Datuk Dr. Yacob bin Mustafa.

The RAAS will ease, simplify and enhance the bank reconciliation process by utilising innovative technology of robotic process automation or RPA to automate the front and back-end reconciliation processes in a more efficient manner across the government agencies.

By capitalising on the RPA technology, RAAS will emulate human behaviour to act as a digital workforce that operates in a faster and more accurate manner.

The RAAS targets to simplify the tedious bank reconciliation process, reduces the burden of government employees to perform repetitive tasks, while enhancing the efficiency and accuracy of operational work.

Human intervention

In addition, through RAAS, the automated bank reconciliation process minimises the need for human intervention, hence, reduces the risk of human errors. Generally, although RPA replaces human workforce, it now allows the same workforce to focus on strategic and analytical related tasks.

“The celebration marks a significant milestone for the Group. 25 years ago, we embarked on the journey of being the market leader and to become one of the pioneers in helping government agencies to achieve SAGA compliance.

“We have worked with more than 90 government agencies, supplying our SAGA compliant financial management and other business solutions. As we continue to innovate our products and solutions, we are extremely pleased to concurrently launch this innovative software robot, that capitalises on RPA technology.

“RAAS has the ability to analyse and evaluate a high volume of data accurately within a short period of time. We have indeed seen positive interest and demand across the digital industry today to utilise this RPA technology, going forward,” said Ameer Shaik Mydin, group managing director of Censof.

Censof modernisation

He further added that the team at Censof will continuously modernise the Group’s solutions portfolio by connecting and integrating the portfolio in new and innovative ways.

The Group’s products and solutions will consistently go through technological innovation phases to embrace the latest technologies.

This is executed to ensure that the customers will receive technological innovations that can improve their daily operations. It will also further enhance operational efficiency, productivity and effectiveness in accordance with the latest accounting and financial objectives and policies at ministries, agencies and statutory bodies.

Censof is committed to accelerate digital transformation, aligning with the MyDIGITAL initiative that complements the 12th Malaysia Plan to expedite the adoption and application of technologies to maximise the potential of the digital economy within the public sector and the micro, small and medium enterprises.

The adoption of advanced technologies, specifically the Fourth Industrial Revolution (IR 4.0) technologies, is crucial where it is expected to revolutionise the way the society lives, works and communicates in the near future. Photo Source: NST