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Digital transformation for banks is crucial to retain customers and achieve loyalty in a highly competitive market bustling with new players and features. Ideally, this would mean that every single step of the customer journey from opening a bank account to day-to-day operations, ...

What is Supplier Statement Reconciliation? The process of reconciling a supplier statement is quite plain and simple. The Supplier submits a list of transactions and the outstanding balance of unpaid invoices for a given period. The Buyer’s Accounts Payable (AP) department, ...

Introduction. Digital Transformation and Financial Data. When it comes to financial data streams, paper as a medium has irreversibly lost the battle with e-formats decades ago. “Digital” does not mean only paperless, but above all being able to structure and analyze the heaps of scattered ...

“Account reconciliation is the process of comparing two sets of records to ensure their balances are correct at the end of the accounting period”, end of the definition. As clear and simple as it sounds, this definition implies more than meets the eye. Imagine you are a small coffee ...

Government entities often are among the largest organizations in terms of assets managed and cash turnover. They oversee public funds and are responsible for their gathering, safekeeping, redistribution, and investment. Apart from the sheer magnitude of financial management efforts ...

Introducing our guest blogger Andrew Rombach. He is a Content Associate for LendEDU – a website that helps consumers and small business owners with their finances. When he’s not working, you can find Andrew hiking or hanging with his cat Colby. For businesses of any size, keeping ...

We are delighted to announce that ReconArt Inc. and Valuement Group srl have established a reseller relationship. The two companies have joined forces with the primary objective to elevate client experience. The added value of the partnership program is aimed at client process ...

Bank reconciliation is one thing that companies cannot function without nowadays, mainly because there is hardly a business that does not interact with financial institutions. While bank reconciliation is needed and wanted in order to assure control and healthy finances, it is also ...

Industry Overview Payment services and their evolving online and mobile cash transfer channels have emerged as a flourishing industry. People across borders connect and engage in trade exchange with increased convenience. The payment platforms facilitate B2B, C2B and increasingly ...

When most people hear “reconciliation” they usually think of the direct meaning of the word i.e. “to bring together again” or “to make friendly again”. Even when you open a dictionary, the first explanation is “to find a way in which two situations or beliefs that are opposed to each ...

In a world of infinitely deepening specialization, terminology develops in pace with evolution of technologies and inevitably requires special attention. One needs to familiarize himself with the modern industry slang first, in order to get a meaningful insight into the professional ...

What does ReconArt for NetSuite mean? The simple answer would be: Managing and Automating your Reconciliations while NetSuite is your ERP system. A more elaborate answer would be: NetSuite works the way your business works, built from the ground up to the cloud. NetSuite manages ...

ReconArt is a single-solution technology company providing a modern, enterprise-class, fully web-based reconciliation platform to a diverse, global client base of all industries and sizes. Our firm is headquartered in the United States just outside of Washington DC and also has offices ...

GDPR: What is it all about? The European Union’s General Data Protection Regulation (GDPR) officially comes into effect on May 25, 2018. The compliance deadline which was a long time coming is now only 1 short week away, and even in the final days, the affected portion of the business ...

As designers of a world-class enterprise system, ReconArt has always had significant focus on application security. We have purposefully integrated enterprise security best practices in the application to keep access and data secured, while simultaneously keeping configuration and ...

The travel industry is one of today’s most exciting and rapidly growing business sectors. Web-based companies like Expedia, Booking.com and Hotels.com have made booking and buying travel easier than ever before. For travel companies, 2016 was an exciting year with dynamic changes, ...

Self-sufficiency, the ability to supply one’s own needs without external assistance, is essential for any business team which strives to maintain control of its operations, without being overly dependent on external parties. This is especially true for businesses that have to process ...

These days it seems like we are receiving more and more requests to help with the automation and streamlining of credit card reconciliation. As a platform historically rooted in principles such as the ability to handle large data volumes, various and complex data sources, and multi-step ...

ReconArt is a sophisticated Reconciliation Automation Tool which can bring cost and time savings, reduced financial risk, and efficiency into the accounting & reporting functions of your company. The benefits at a glance: ...

We are all familiar with reconciling outgoing payments against our bank accounts. That is simple enough. For the most part these are expenses. You know who is to be paid and you know why the payment is due. Slightly more challenging is reconciling incoming payments against a bank ...

Introducing ReconArt to a prospective client for the first time is always an exciting experience. No matter whether we are talking to a multi-billion dollar bank considering hundreds of users to accommodate highly complex processes, or a startup looking for a couple of users to handle ...

There is something of a change afoot. We are on a wave that has many businesses looking to reinvest in their systems and processes. This interest is especially true in relation to financial control solutions software. The drivers are varied, but generally the lack of investment has ...

The United Kingdom’s Financial Conduct Authority (FCA) regulation PS14/9 related to custody assets and client money has a backstop for implementation of 1 June 2015. Compliance with the rules in the client assets sourcebook (CASS) has never been more important. There is now considerable ...

When you hear those letters, SEC, what comes to mind? To some it's the call sign of a superhero tasked with protecting the American people from fraud and keeping Wall Street accountable. To others it's a dreaded governmental bureaucracy creating endless paperwork and headaches. So ...

Far reaching new rules introduced by the United Kingdom’s Financial Conduct Authority (FCA) with respect to customers’ monies and assets have been encompassed under policy statement 14/9 (http://www.fca.org.uk/static/documents/policy-statements/ps14-09.pdf). These rules represent ...

It is crucially important that all organizations, which rightly seek financial stability and control, pay careful attention to the need to deploy a robust reconciliation solution. The results of failing to do this, with the necessarily high degree of operational detail required, ...

Software solutions dealing with account reconciliation have been around since the 1960s.  Originally developed on mainframes, they were designed to automate the ‘ticking and tying’ of transactions to ensure that they matched.   To some extent they replaced human resources, ...

Capital markets firms have been reconciling data for as long as any of us can remember.  However, unlike the situation in some other industries, true enterprise-wide reconciliation practices housed in one repository have eluded the industry for years.  Why?  In one ...

I recently penned a blog about how we have helped a number of clients recently with their accounts receivable cash allocation using the ReconArt™ Total Reconciliation Lifecycle™ solution.  Soon after it posted, I woke up one morning realizing that the same was true for merchant ...

Reconciliation technology has many uses and provides a wide array of tangible (savings) and less tangible benefits (until a problem becomes reality) in terms of mitigating financial transaction-based operational risk.  For instance, all organizations, in every market sector, ...

It has been a little over a year now since ReconArt brought to market its exciting new Total Reconciliation Lifecycle™ solution.  From the very first day that design and development started three years earlier in 2008, a primary goal was to offer a solution that could either ...