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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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Oct / 31 / 2022

API integration brings measurable benefits in reconciliation technology

Data reconciliation technology follows an evolution path increasingly defined by scalability, reduced human intervention, and connectivity. The main objectives to continually improve speed and efficiency can be met so long as reconciliation solutions are capable of handling large data streams at sync with multiple external systems without the intervention of human operators. ReconArt API integration provides the highest level of reconciliations automation. 

Custom-developed connection to the back-end of the ERP and a file-based integration with third-party systems no longer suffice for growing, global, fast-paced business managing process change on daily basis within a complex application landscape. For them, integration of their reconciliation platform via API addresses the necessity to position reconciliations right at the center of the digital transformation roadmap.

In more complex environments business processes often reside in multiple systems. API connectivity makes the orchestration of those processes feasible from a single location across all those systems. For example, a single location can trigger data generation and transfer within one systems, and then initiate the ingestion of data, the reconciliation and the transfer of the resulting output within another system.

What is API?

Integration via API (application programming interface) establishes a connection between two web-based applications enabling them to communicate on request / response basis or asynchronously. In the course of that communication, commands and data flows are exchanged, accommodating the synchronization between the systems without human interference or constant oversight. Ecommerce sites are a typical example with online shopping card, product inventory database, and payment gateway sharing data hands-off in near real time.

API is a technical component serving as a universal connector between disparate data sources. The API integration requires laborious and expensive development work. But bridging systems which regularly and intensively interact pays off in dramatic improvements of the efficiency metrics for end users.

ReconArt API benefits

ReconArt has developed standard API integration with our reconciliation platform to introduce an additional automation layer and optimize the existing reconciliation and financial close processes. It calls off time consuming and error prone manual processing and guarantees seamless and effective operations of critical enterprise infrastructure. Complexity and volumes are addressed. Growth and change projects are unobstructed. Information security is strengthened. Reporting is easier and more reliable.

End-to-end reconciliations automation: use cases & client requirements

As with many product evolution projects, ReconArt has been inspired by customer feedback and industry knowledge gathered for more than a decade. Some customers of ours are more conservative and do not take up frequent process modifications. However, enterprises in the cross-border money remittance, travel, or e-commerce industries operate in a dynamic, global network of counterparts and intermediaries. Data reconciliation is a core business process for them. They are the strongest proponents of full automation of the reconciliation lifecycle because their competitive position depend on its effectiveness.

In order to respond to specific challenges for this segment of clients, ReconArt has developed a set of tools for secure upload and on-the-spot verification of data files feeding the reconciliation accounts. This process upgrade is meant to fully replace manual processing. The recon teams cannot afford to waste time downloading thousands email attachments, converting files into the appropriate format, checking for inconsistencies, and pushing data manually into the recon platform. 

Tracing and correcting errors involved a lot of back and forth within and outside the client’s organization. This used to be a frequently encountered scenario for remittance and travel customers. The main objective of the automation here is to complete these operations smoothly for a fraction of the time needed before and eliminate potential security vulnerabilities.

Now data inputs, however formidable, are channeled through a data hub integrated with the reconciliation platform. This process optimization solves a number of problems: data reaches the destination accounts instantly, its consistency is verified. If needed, transformation and enrichment rules can be applied to prepare it for the matching phase. Both the sender and the receiver are notified when the upload is completed successfully or alternatively, an upload failure has to be examined.

ReconArt API features

ReconArt API supports all functions required for input of data into ReconArt and output of data from the application within business processes that flow through our platform. Inbound & outbound integration with ERPs, workflow software, enterprise-wide schedulers, data lakes and warehouses are now facilitated with token-based authentication at place.

End-to-end automation of reconciliation means reducing human intervention to the bare minimum in each step of the process. These process steps are often performed on daily basis and the API integration activates automated operation in the import, export, and scheduler module within ReconArt:

Imports of data files participating in the account reconciliation & transaction matching

Automatic file ingestion is enabled. Scheduled processes like data transfers are triggered, and afterwards confirmation plus associated statistical information are received upon successful completion of the operation (alternatively, transfer error notification is issued). Another key feature is the verification of uploaded data which cuts the loop of repetitive manual upload failures caused by formatting problems, duplicate data, or incompatible file structure.

Data sets comparison and matching records

Matching is the actual comparison of line items to identify equivalent transactions and follow up on the unmatched transaction. The exceptions categorization can be automated with a comprehensive inventory list of typical / expected causes of mismatch, which is maintained outside the reconciliation platform and mirrored within it. Of course, manual flagging of outstanding items is feasible, but this is part of the accelerated investigation and prioritization of exceptions.

Reconciliation data exports out of ReconArt

Detailed or aggregated lists of matched/unmatched items or account balances are generated by preselected criteria and exported automatically out of the system. Customers utilize this feature extensively as the up-to-date and verified reconciliation output is tapped in other business systems and functions (compliance, analytics, statutory reporting).

Supporting tables used in the course of finance reconciliation

Exchange rates tables, lookup tables (used as a reference upon data enrichment, for example) can be updated automatically via the API with input from regularly updated external sources.

Audit and reporting 

Aggregated statistical data related to the reconciliation processes can be retrieved automatically, as well as security logs, audit trail excerpts, and other system information for the purposes of data analysis or integration of the security logs in enterprise log processing solutions.

A special ReconArt feature first published on Bobsguide (now Infinite Intelligence) – 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.

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Case Study

Premier Credit: bank reconciliation with ReconArt

Premier Credit: bank reconciliation with ReconArt

Industry: Finance, Financial Services, Lending
Focus: Multiple Bank Sources, Automation, Mambu integration

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa.

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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ReconArt Americas
4720-E Langston Blvd,
Arlington, VA 22207
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1-855-RECONART (Toll Free)
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