ReconArt is particularly attuned to the needs of the payment services industry. This unique sector comprising Money Services Businesses (MSBs) is characterized by heavy transaction volumes that utilize a complex, global banking partner network. Timeliness of insight into the lifecycle of the payment and its settlement has implications for scalable operations as well as the level of service to the customer and their payee. Deployment of a robust reconciliation solution is critical to supplying operational insight and delivery, as well as providing needed financial control. ReconArt’s Total Reconciliation Lifecycle™ solution is designed to suit these rigorous demands.
When your business’ product is payments (and money “inventory”), you require a complete understanding of cash allocation in order to successfully operate the business. This includes both the outgoing payment and the client’s payment made in settlement. Both of these legs are supported with related bank accounts, and the timing of the transactions and their clearing must be understood and managed to reduce risk by ensuring the business remains cash flow neutral. The number of bank accounts and volume of transactions demand a solution that is efficient in helping to reconcile booked payments against outstanding client settlements. The tool must be automated to achieve such efficiency and then geared to support the identification of exceptions and their resolution.
ReconArt’s solution is uniquely qualified to give the efficiency, scalability and insight needed to support the day-to-day operation as well as the requirements for financial control.
Here are a few of the capabilities that the ReconArt solution provides to the Payment Services business:
- Automated sourcing of bank statement data
- Automated mapping and onboarding of bank statement data
- Automated matching of bank statement activity including complex business rules
- Multi-currency capabilities
- Recognition of Bank Fees and related Journal Entries
- Automated matching of incoming client credits to outstanding client obligations (Accounts
- Receivable Reconciliation)
- Uncleared Payments for Escheatment.
When considering inevitable changes such as new banking partners, geographic expansion, and increasing volumes, solution agility is an absolute must for the payment services business. ReconArt’s web-based solution inherently provides a set of capabilities that supports rapid change.
- Rapid deployment and adoption
- Application available anytime from anywhere
- Business-owned setup and configuration without need for IT involvement
- Ability to handle any data format into or out of the system
- Ability to quickly add users and new volumes without added risk.
ReconArt is an excellent partner for money services businesses. Our vast domain experience in the payment services space ensures that the needs our Payment Services clients are well-supported – now and in the future. Our solution and our vast experience in the industry set us apart from other providers that cannot be matched.
We hope you will take the time to explore our solution for the Payment Services industry. We welcome the opportunity to review your needs, discuss our software solution and share our experience.