Reconciliation & Settlement
Digital payments across the globe have seen a significant surge due to large-scale adoption by the consumers from all walks of lives. The transition from card-based payments to account-based QR payments using real-time/alternate payment rails coupled with the demand from consumers and merchant ecosystems for greater convenience, transparency, and security have paved the way for more sophisticated yet user-friendly payment & reconciliation solutions.
Financial Transaction Reconciliation is critical, though often neglected area among financial institutions, as it is considered as a cost center. With the advent of digital payments and the rapid increase in digital payment transactions, the complexity around reconciliation has increased many-fold due to the adoption of new payment methods, payment use cases and multiple payment participants, not to mention the need to adhere to regulatory and risk compliances from time-to-time.
Mindgate helps financial institutions around the world in facilitating comprehensive reconciliation of digital payment transactions, enabling flexible and robust settlement and end-to-end dispute management and chargeback processing. Intending to simplify the reconciliation and settlement process, Mindgate’s reconciliation system automates the entire process from data collection and aggregation from multiple sources, through matching of transactions and exception reporting, ensuring data accuracy and integrity.
Besides offering financial institutions and participating entities with their reconciliation needs, Mindgate also supports Central Infrastructure, Schemes, Payment Systems with a robust Clearing and Settlement System for Retail/ Real-time Payments.
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Key Capabilities
- Proven robust and scalable platform to handle a large volume of transactions
- Near real-time transaction data aggregation from multiple sources and transaction reconciliation.
- Support multiple settlement cycles.
- Reconciliation, Settlement, dispute and chargeback management across multiple payment systems
- Automated scheduling of reconciliation activity
- Exception management and manual adjustment/ force match option
- Supports single or multiple settlement cycles
- Allows member institutions to raise online disputes and track their cases in real-time, based on support from the Payment System
- Strong API engine to support processing of offline adjustment in near real-time
- Supports various file formats including XML based file format
- Maker-Checker support for control and risk mitigation
- Micro services based architecture for ease of delivery and scalability
- Web-based system with a user friendly UI
- Extensive reporting/ MIS
