In today’s digital age, as financial services firms increasingly deal with massive amount of data, it is imperative to have tight control and a seamless data flow across the organization. This combined with the regulatory initiatives, market and competitive pressures, demands greater operational efficiency and visibility, while reducing operational risk.
Today, most companies handle their reconciliation process by manually combing through spreadsheet after spreadsheet. Despite how inefficient this process is, it seems to be an improvement because the spreadsheet’s predecessor, pen and paper ledger books were even more inefficient. The digital age gave way to what was at the time, a faster and more efficient way of handling the reconciliation process with the introduction of spreadsheet-based computer programs.
Current electronic payment trends have increased the number of transactions that companies’ accounting teams process, far past the point that manual spreadsheets were designed to handle. Just like companies once adopted current technology to improve upon their inefficient systems, companies once again, need to make that type of change to fix the problems they find themselves facing today.
Reconciliation & Accounting of bank's payment transactions is always a tedious task. Banks act as issuer and acquirer bank of various payment channels facilitated by various financial networks such as NPCI, VISA, MasterCard, CashNet, Amex, UPI, JPI etc. for ATM, POS and Digital Banking payments.
The i-Recon (Enterprise wide Reconciliation & Settlement System) product of IDBI Intech Ltd. is designed on latest AI based technologies to meet the reconciliation and settlement of daily transactions from various sources like NPCI (NFS / RuPay), VISA, MasterCard, CashNet, Amex for ATM & POS, ATM Cash In Accounting using EJ / CBS / Switch / CBR (C3R), Digital Banking transactions like IMPS / UPI / BBPS / AePS etc., digital wallets, Card to Card transactions, Contactless Cards, Nostro Accounts (Swift), Dividend etc. up to the maximum possibility of matching and in highly efficient time bound manner. i-Recon is purely future proof and it is ready to adopt upcoming payment channels.