Key Challenges Faced by Banks, Credit Unions and Solution Providers in Reconciling Payments
Inefficient operations and data mismatch due to manual reconciliation systems and non-automated flows
Difficulties in cross-referencing due to unstructured data storage, disparate formats, and complex matching rules
Increased friction due to high volume and complex integration of processes with payments reconciliation
Discrepancies in time, date, and currencies due to cross-border transactions across different time zones and in diverse currencies
Increased fraud rates due to non-real-time reconciliation
Lack of auto-investigation and auto-email alerts in legacy systems without support for tolerance limits or recon recall facilities
Our Reconciliation Services Include
Designing and building centralized platforms with integrated workflows combined with highly scalable and configurable business services
Automating differentiated features, such as in-built data enrichments, auto-creation of investigation cases, automated email alerts, and auto-carry forward or write-offs
Facilitating one-to-one, one-to-many, and many-to-many recon with user-defined and custom auto-match rules
Reducing manual matching with AI integration to deliver improved auto-match rates
Enabling diverse recon services on a SaaS-based recon system, such as configuration, pre-matching, matching, post-matching, reporting, and audit support
Facilitating auto-feed data inputs with one-time configuration and recon setup for cross-border, domestic, and proprietary file formats
Opus Delivers Improved Business Value Through Efficient Reconciliation Services
Accelerates decision-making while reducing risk
Enhances scalability and facilitates self-service via centralized smart reconciliation management systems
Reduces external dependencies and operational expense with high configurability and customization of recon systems
Enables self-configuration of the auto-match rule engine based on diverse parameters and tolerance limits for date and amount
Improves efficiency with integrated workflow engines to capture data from peripheral systems
Enhances business value addition by the reconciliation system with differentiated use cases, such as centralized ERP invoice recon, intelligent reporting, real-time reconciliation, and many more
Recommended Resources To Explore
Frequently asked questions
Payment reconciliation is a bookkeeping process that helps businesses to ensure that internal financial records are tallied with external accounting data. Accurate records form a cornerstone for maintaining business profitability and efficacy.
Payment settlement is the process of completing the transaction pertaining to a purchase. It encompasses the activities between a customer making a payment and a business/merchant receiving funds in their accounts. Reconciliation, on the other hand, is a process of verifying and validating all business transactions at a later time when maintaining accounts. It includes both credits and debits made via one or more business accounts and cards.
Credit card payments reconciliation requires a bank or a Fintech to assess all transactions and document them for accurate financial reporting. It helps businesses manage their expenses and improve efficiency.
Batch reconciliation allows reconciling a large set of transactions together. It expedites the process of reconciliation for businesses with a high volume of transactions.
A good example of payments reconciliation is an organization verifying account balance every month to compile business expenses, salary transactions, revenues, and profits to assimilate business growth and plan further.