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Privacy Policy

ReconArt, Inc.

SITE PRIVACY POLICY

This Privacy Policy governs the manner in which ReconArt, Inc. (“ReconArt”) collects, uses, maintains and discloses information collected from users (each, a “User”) of the ReconArt.com website (“Site”). This privacy policy applies to the Site and all products and services offered by ReconArt.

Personal identification information

We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, register on the site, fill out a form, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, except that it may prevent them from engaging in certain Site related activities.

Non-personal identification information

We may collect non-personal identification information about Users whenever they interact with our Site. Non-personal identification information may include the browser name, the type of computer and technical information about Users means of connection to our Site, such as the operating system and the Internet Service Providers utilized and other similar information.

Web browser cookies

Our Site may use “cookies” to enhance User experience. User’s web browser places cookies on their hard drive for record-keeping purposes and sometimes to track information about them. User may choose to set their web browser to refuse cookies, or to alert you when cookies are being sent. If they do so, note that some parts of the Site may not function properly.

How we use collected information

ReconArt may collect and use Users personal information for the following purposes:

  • To improve customer service:  Information you provide helps us respond to your customer service requests and support needs more efficiently.
  • To personalize user experience:  We may use information in the aggregate to understand how our Users as a group use the services and resources provided on our Site.
  • To improve our Site:  We may use feedback you provide to improve our products and services.
  • To send periodic emails:  We may use the email address to respond to their inquiries, questions, and/or other requests.

 

How we protect your information
We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.
Sensitive and private data exchange between the Site and its Users happens over a SSL secured communication channel and is encrypted and protected with digital signatures.

Sharing your personal information

We do not sell, trade, or rent Users personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.

Changes to this privacy policy

ReconArt has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the bottom of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

Your acceptance of these terms

By using this Site, you signify your acceptance of this policy. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.

Contacting us

If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at: ReconArt – info[at]reconart[dot]com

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ReconArt 
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Sep / 14 / 2022

Alternative tech costs spiking during crisis

A special ReconArt feature first published on Bobsguide – the ultimate fintech resource, an innovative online platform that connects the providers of fintech solutions with the financial services professionals who need them.

Read the article here as well.

2020 will go down in history as a tumultuous year. We are in a defining period of time, challenging human ingenuity, perseverance, and priorities. Adapting to change can be painful and uneasy and it takes time to realise the opportunities for improvement it presents.

Businesses are compelled to face the reality of change and deal with it right now. Many have suffered in faltering markets, disrupted supply chains and regulatory uncertainty. Competition has intensified and has pressured enterprises into strategic and operational revision. Some dared no further than damage control and conservation measures such as sweeping and often indiscriminate cuts, lay-offs, and reliance on government stimulus. Others accepted the fact that there is no way back to old ways and chose to future-proof their business plans.

Spending cuts are commonly on the table when firms buckle up to weather a sudden change in the odds. However, putting technology adoption on halt might backfire. Management discretion to press forward with digital transformation projects pays off in the long term, as the return on investment in technology to enhance efficiency often outweighs potential savings.

Process improvement and optimization, although widely endorsed, often faces internal procrastination. In some instances, there can be internal resistance or little awareness of the latest technological breakthroughs. At the same time teams struggle with repetitive, manual, error prone tasks. For finance and accounting it is especially true, particularly when it plays a business critical support role.

In reconciliation automation, ReconArt area of expertise, we have extensive experience with one of the most conservative, regulated and risk aversive financial industry segments – banking. Its complexity and cornerstone role in the finance ecosystem is underlying widespread fintech innovations. Yet, within transaction matching and period-end close solutions, it is staggering that spreadsheets are still the prevailing tool to tackle enormous data flows. The banks showcase the imperative to mind data security and quality, scalability, regulatory compliance and reporting when reconciling accounts.

But besides banks, large volume transaction processing is a core activity for industries such as remittance & payment, retail & e-commerce, investment management, insurance, among others. The F&A teams encounter the same challenges though in a different scale. Many are preoccupied with mundane and low-value chores of ticking and tying which saps resources to the detriment of higher priority and higher return tasks.

Automation is a synonym for time savings. In reconciliation that is an undisputable fact. The most cited immediate benefits for ReconArt clients are better human resource utilization, improved motivation and productivity, and even workload distribution across the calendar. Those returns on the investment in the right reconciliation solution invariably weigh in favor of implementation and are the first to factor in by the decision makers.

Dealing with poor data quality and multiple data feeds in disparate file formats is another controversial matter. Manual data consolidation is untenable and the lack of standardization erodes successful matching results. However, this can be easily resolved through the automated normalization and enrichment functionalities of the modern reconciliation solutions.

The dramatic reduction of human intervention in the reconciliation routine carries precision and efficiency only achievable in a machine-driven environment. ReconArt pursues end-to-end rule-driven automation to eliminate the risk of human errors and to sort out ever-increasing amounts of complex data. Reconciliation specialists know the wide variety of recon scenarios and peculiar cases they regularly stumble across. The recon system that would orchestrate the multitude of process steps without omissions or technical errors, consistently identifying matching groups by the user configured strictly logical blueprint – that is a recon system that would prevent losses for the company.

Another important aspect of automating reconciliations is enhanced reporting transparency and multi-level control on financial streams. The analytical value of reconciliation data for informed decision making is immense and has been discussed before. Acting preemptively based on reliable, actual, up-to-date insights delivered by a sophisticated recon platform generates savings and reveals opportunities for improvement that are evident and measurable.

Reconciliation teams searching for the perfect technology fit are often wary of the learning curve and the ease of operations a new tool can offer. They are reluctant (and rightfully so) to bet on an unwieldy, heavy maintenance system that would address their needs only partially while complicating their lives additionally. They need guarantees that it would recognize their business specifics, keep up with their pace and would not become obsolete in the long run. The potential disruption associated with migration to a new system and hidden costs occasionally arising put off the decision to automate.

ReconArt meets and exceeds expectations in terms of scalability without incurring punitive costs on expansion and change. It is designed to be an intuitive, adaptable, truly business owned tool governed by its daily users. It is a best practice solution that undergoes regular updates and the product evolution roadmap considers and includes enhancements in functionality based on user feedback.

ReconArt is a fully configurable platform which does not require customization, heavy infrastructure or professional services to run. The platform integrates seamlessly with other systems. During the initial implementation, process discovery, and user training prevail over technical preparations typical for installed software. ReconArt is entirely web-based solution hosted in the cloud with zero footprint on clients’ computers. Users can securely access the platform even when the financial team is forced to work remotely and the smooth team collaboration is at stake.

Whatever concerns, doubts, or New Year resolutions businesses might have, technology adoption during a crisis should not be put on a backburner. Postponing investment in efficiency and arguing that this is part of the plan to slash expenses does not make much sense. The ultimate survival tactics during trialing times is not some form of hibernation but actively pursuing competitive edge through operational excellence propelled by technology.

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Case Study

MiFinity automates payments reconciliation and financial reporting with ReconArt

MiFinity automates payments reconciliation and financial reporting with ReconArt

Industry: Payments & Financial Services
Focus: Complex transaction matching, cash position control

MiFinity allows users to open an account on the platform, link their preferred payment channel for deposit and withdrawal purposes, and shop online easily, receive funds, or send money globally.

read more

ReconArt Customers

Here are some of the customers who leverage our reconciliation software to automate their reconciliation and close processes.

Soyven
Gathern
Navan
Klar
Daikin
Expedia
Umpqua bank
Calgary co op B&W
deVolksbank
Nedbank
Asos
Fiat Chrysler
Ferratum
Quikrete
New York City Department of Finance
Worldremit
Bill
Catalyst
Xendit
Agency Insurance Company
MidFlorida Credit Union
Sparkasse Bank Malta

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4720-E Langston Blvd,
Arlington, VA 22207
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