Reconciliation & Settlement System

i-Recon

i-Recon© Enterprise wide Reconciliation & Settlement System

Reconciliation is the backbone of financial accuracy ensuring the money leaving an account matches the transactions recorded. With the growing complexity of digital payment ecosystems and multi-channel financial networks, manual reconciliation is not only tedious but prone to errors.

i-Recon is a robust, AI-powered reconciliation and settlement platform designed to simplify and accelerate daily transaction matching from multiple sources. Supporting a T+1 turnaround time, i-Recon ensures that financial institutions can process high-volume transactions swiftly and accurately, while significantly reducing operational overhead.

i-Recon differenates itself by leveraging AIbased technologies to deliver exceponal reconciliaon accuracy, with intelligent matching capabilies of up to 99.9%. The soluon is PCI S3 certified ensuring compliance with industry security standards.

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.

i-Recon: Reconciliation and Settlement System

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