Reconciliation & Settlement system
Reconciliation is an accounting course of that makes use of numerous units of information to make sure figures are correct and in settlement. Reconciliation is the important thing course of used to find out whether or not the cash leaving an account matches the quantity spent, guaranteeing the 2 values are balanced on the finish of the recording interval.
Reconciliation Course of:
Transaction reconciliation takes place primarily based on numerous methods of reconciliation for transaction matching. The system helps 2-way, 3-way and 4-way reconciliation. ATM money balancing is taken together with chargeback administration/ dispute decision for all transactions, preparation of settlement vouchers, era of unloadable information and exception reporting, rates of interest, sustaining information for all of the financial institution’s transactions. System is optimized for multiway reconciliation.
Key Options:
• Platform impartial, with a number of Dashboards
• In reminiscence processing
• Helps 3-way and 4-way reconciliation
• Environment friendly and high-performance centralized reconciliation system with T+1 TAT
• Constructed-in FRMS / Analytics
Enterprise Advantages:
• Workflow primarily based Dispute Administration
• Versatile with compatibility for personalization as per financial institution
• Generates Fee Vouchers, Settlement and Statutory Experiences
• Charges, Interchange, GST, TDS and expense earnings calculation
• Eliminates threat of guide errors which can end in monetary loss
• Dealing with exponential improve in transaction volumes with out extra price
The PA DSS licensed Enterprise Large Reconciliation and Settlement i-Recon© product of IDBI Intech is designed on newest AI primarily based applied sciences to fulfill the reconciliation and settlement of day by day transactions from numerous sources like NPCI (NFS / RuPay), VISA, MasterCard, CashNet, Amex for ATM & POS, ATM Money In Accounting utilizing EJ / CBS / Swap / CBR (C3R), Digital Banking transactions like IMPS / UPI / BBPS / AePS and so on., digital wallets, Card to Card transactions, Contactless Playing cards, Nostro Accounts (Swift), Dividend and so on. as much as the utmost risk of matching and in extremely environment friendly time certain method. i-Recon© is only future proof and it is able to undertake upcoming cost channels. PA DSS certification is an trade normal accreditation for secured cost programs.
