News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More
News!: Opus Technologies Launches FinGeniusAI Solutions – An Open Innovation Platform for Building Future-Ready Solutions.. Know More

Reconciliation

Automating Payment Reconciliation Services at Scale

With proficiency in financial reconciliation, Opus empowers banks and FinTechs to automate payments and transaction reconciliation. Through a deep understanding of banking operations, Opus designs and builds a centralized reconciliation management system that covers all aspects of the recon process – loading, validating, matching, and reporting.

Key Challenges Faced by Banks, Credit Unions and Solution Providers in Reconciling Payments

Contactless Payment reconciliation
Inefficiency in Systems

Inefficient operations and data mismatch due to manual reconciliation systems and non-automated flows

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Difficulties in cross-referencing due to unstructured data storage, disparate formats, and complex matching rules

Maze

Increased friction due to high volume and complex integration of processes with payments reconciliation

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Discrepancies in time, date, and currencies due to cross-border transactions across different time zones and in diverse currencies

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Increased fraud rates due to non-real-time reconciliation

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Lack of auto-investigation and auto-email alerts in legacy systems without support for tolerance limits or recon recall facilities

Building Scalable Processes for Faster Reconciliation

With expanding volumes of global, multi-currency, and multi-time zone transactions, relying on manual reconciliation can lead to a substantial rise in operational expenses. Opus helps banks and FinTechs transition to automated, smart, and centralized end-to-end reconciliation management systems. With deep expertise in financial recon, Opus facilitates efficient reconciliation of all kinds of domestic and international transactions. Our reconciliation services include the design, development, and configuration of automated transformational recon systems. We also provide consultation, product management, system integration, quality testing, and implementation services for smart payment reconciliation systems.

Our Reconciliation Services Include

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Designing and building centralized platforms with integrated workflows combined with highly scalable and configurable business services

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Automating differentiated features, such as in-built data enrichments, auto-creation of investigation cases, automated email alerts, and auto-carry forward or write-offs

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Facilitating one-to-one, one-to-many, and many-to-many recon with user-defined and custom auto-match rules

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Reducing manual matching with AI integration to deliver improved auto-match rates

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Enabling diverse recon services on a SaaS-based recon system, such as configuration, pre-matching, matching, post-matching, reporting, and audit support

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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 

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Accelerates decision-making while reducing risk

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Enhances scalability and facilitates self-service via centralized smart reconciliation management systems

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Reduces external dependencies and operational expense with high configurability and customization of recon systems

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Enables self-configuration of the auto-match rule engine based on diverse parameters and tolerance limits for date and amount

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Improves efficiency with integrated workflow engines to capture data from peripheral systems

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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.