Reconciliation & Settlement System

i-Recon

i-Recon© Enterprise wide Reconciliation & Settlement System

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© product of IDBI Intech 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.

Some clients are:

UCO Bank
Kerala Bank
Raigad Bank

Frequently Asked Questions (FAQs)

Payment reconciliation is an accounting process that verifies account balances to ensure all sets of records are true, consistent, and up-to-date.

Our Enterprise Wide Reconciliation and Settlement System is PA DSS Certified.

The use of certified payment applications contributes to the reduction of the risk of card data theft. PA-DSS supports solution providers with the development of new payment applications and helps merchants reach compliance according to PCI DSS (Payment Card Industry Data Security Standard).

Following are the technical capabilities of iRecon:

  • Developed on most advanced open source computing framework
  • Built in AI/ML based components to accommodate any changes in data format
  • Single Framework have multiple nodes to ensure high availability
  • No database dependency
  • Available in both cloud and in-premise deployment
  • Versatile data adapter for seamless data ingestion from source system/s
  • Security Measures – Secured Protocol, Encryption, Workflow, Audit Trail etc.
  • The application meets international standards and is certified by PCI- PA DSS standard Ver.3.2.
  • The application also complies with statutory guidelines for online/real-time reconciliation of transactions.

i-Recon has the capabilities 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.

For simple datasets, excel based macros are used. For bigger datasets, AI and ML are used.

Some go for full ownership of the product and its administration, while others would rather outsource the vendor selection, solutions implementation and support plus professional services. Seamless integration with the core business systems and the ease of migration to the new tool are invariably attended to.

The Enterprise Wide Reconciliation and Settlement System is PA DSS Certified and has Security Measures built in such as Secured Protocol, Encryption, Workflow, Audit Trail etc.