Managing high volumes of transactions and adapting to new payment mechanisms across expanding field of touch points (credit, debit, cash, online etc) are challenges that most businesses find difficult to cope with.
As the digital and real-time payment ecosystem continues to innovate and grow its relevance, the need for a robust and flexible reconciliation system, supporting large volume of transactions with speed and accuracy has become imperative for smoother business operations.
Unfortunately, most organizations ranging from medium to large size are dependent on traditional/ semi-automated methods of reconciliation. However, this often exposes them to risks of data manipulation, accounting errors and huge financial implications.
Automated recon platform, overcoming traditional reconciliation barriers
- Facilitates processing of volumes of transactions on a highly scalable platform.
- Requires minimal/ no human intervention.
- Streamlines data collection and validation into a centralized platform.
- Records data in the form of reconciliation history to ensure smoother audit trails.
- Proficient at handling multiple transaction use cases.
- Eliminates operational risks through accurate, near/ real-time reconciliations and statistics.
- Ensures error-free reconciliation with user-centric design
Integrated Payment Reconciliation across channels
With the trend of ‘Cash-less’ payment gaining momentum the entry of innumerable payment modes like e-wallets, cash cards etc have become inevitable. While this changing payment ecosystem is enhancing the customer’s journey it is also adding to the reconciliation complexities.
An integrated Payment Reconciliation Suite enables institutions to reconcile large volume of transactions and exception management in an automated and timely manner.
Be it generating matched and unmatched reports, locating errors codes in different transactions or reconciling transactions based on multiple parameters, a robust reconciliation tool brings efficiencies in operations.
Business analytics and reconciliation
Business data is the lifeline of any organization. Right decision making and solid business strategy are propelled by well-integrated data sources, accurate data processing and smart analytical tools. The reconciliation platform serves the purpose right. It integrates the different data sources and correlates data efficiently dispersed across multiple systems. This reconciled data holds immense analytical value.
Serving as a centralized platform it enriches the transactional data from various file formats that not only meets the goals of matching and reconciliation but also caters to the control, reporting and analysis needs.
Automated consolidation of data is an essential element of reconciliation process which when incorporated in the business analytics, helps companies to navigate uncertainties, spot opportunities and optimize costs.
Optimizing dispute management
The settlement and reconciliation process can turn out to be an expensive affair when handling already low-margin transactions. A sound reconciliation system supports end-to-end settlement, reconciliation and dispute management of transactions. Complete visibility to digital payment transaction reports coupled with built-in proactive adjustment features makes the system a right fit for resolving customer’s disputes.
A powerful rule-based solution, enables institutions to automate dispute processing tasks that save the time of the associated staff and eliminates exposure to losses arising due to write-offs and un-timely dispute handling.
Mindgate
Mindgate is one of the trusted payment solution provider offering intelligent and scalable reconciliation solutions. Designed to simplify the reconciliation against collections and receivables, our tool provides an end-to-end solution including loading of source files, matching transactions from multiple sources, managing exceptions, resolving conflicts, generating file reports etc.
Whether you want to automate the cumbersome data processing, accelerate account close cycles, fix broken processes or identify & address long-standing discrepancies, our dynamic reconciliation solution will help you set things right.
Optimize your business processes with the Mindgate reconciliation tool and take your business to greater heights! Call us today for more details.
