Financial institutions face multitude of challenges with respect to Payment information management while dealing with external providers and also with various departments in their own company. While the market infrastructure for the actual money movement itself has progressed quite well in the last few years , the pace of information management with respect to financial transaction is relatively slow and industry currently goes thru reconciliation, mismatches, missed payments , incorrect allocation of funds etc.
While larger systemic issues exist, we see an opportunity to solve some of them by having better payment information flow and consequently better information aggregation, insights and analytics, as the solution evolves. Adoption of standard messaging infrastructure, interoperability standards and APIs are key to certain ecosystem challenges in Payments.
Automated reconciliation systems reduce cost by streamlining operations and improving productivity and efficiency. Financial enterprises are constrained by exponential growth in transaction volume, complexity of transactions, increasing volume of data, narrow processing periods, and statutory regulations.
Product offers the capability to support Bank’s Specific Matching Rules, algorithms, reconciliation matching behavior. For each of the reconciliation process, the system executes the optimal matching techniques by applying the recon specific matching rule sets and auto link the related transactions from multiple sources as per key fields conditions. It flags the records as matched / unmatched and set the status as matched, exception. The Product automatically loads the outstanding entries as part of the carry forward option till date along with the current execution.
Offers Reconciliation Automation Across Business Portfolios & Products Banking Capital Markets & Insurance & Corporates