Reconciliation Needs are Everywhere
ReconArt is proud to serve a diverse global client base. Our solution is not industry-specific, however. Our success is related to the ubiquity of finance function, the need for timely and accurate accounting related to the reconciliation lifecycle and how our solution supports those needs. Nearly every industry sector is represented by at least one ReconArt Client, with a significant portion of our customers coming from Banking, Finance and Financial Services, Payments, Retail/Ecommerce, Travel & Leisure, and other businesses that reflect transaction-heavy or strongly regulated segments. We believe this variety speaks to the universal nature of reconciliation needs and it allows us to maintain a rich and balanced view of the best practices and customer needs which our technology supports. Our client relationships and cross-industry experience provide us with a wealth of expert knowledge to draw from as we continue to reinvest in the ReconArt software.
Expert Knowledge & Experience
Almost every business needs to perform some form of reconciliation to ensure the integrity of their finance and accounting operations. However, specific geographies, industry segments, and types of organizations have their own particular requirements around reconciliation including, but not limited to, business process specifics, particular file types, and distinct regulatory requirements or best practice guidelines. ReconArt assists clients in adopting best practice functionality and leveraging expert knowledge and experience in relation to:
- Banking-specific reconciliations (e.g. Federal Reserve or national equivalent, Nostro/Vostro)
- The Sarbanes-Oxley Act (SOX) in the United States, requiring publicly owned companies to demonstrate a standardized and auditable balance sheet reconciliation process
- Financial Conduct Authority mandated reconciliations (e.g. Client Assets, EMIR)
- Ecommerce-specific money movement reconciliations (e.g. fees, refunds, commissions)
- Portfolio reconciliation (positions matching and break management)
- Bank-specific file formats (e.g. FIRD, BAI, SWIFT variations)
- Travel/Airline-specific file formats (e.g. BSP)
- Support for multi-currency and currency conversions
- Custom Reporting needs
ReconArt welcomes Clients of all sizes, ranging from small teams of just 5 people to potentially hundreds of users collaborating across departments and global locations. Our customers vary significantly in both their size and how they choose to leverage ReconArt. This variation is reflected in our Edition-based pricing model, which considers a combination of factors including desired functionality, user numbers, and scope of use for the organization. Our smallest Clients might have a few million dollars in revenue. Our largest customers are big banks, household brand names, government entities, multi-national companies and more. Across our entire client community, ReconArt processes millions of transactions and reconciliations, accepts data from hundreds of banks and merchants, and assists thousands of end-users with their everyday reconciliation work. No matter your industry or scope, rest assured ReconArt has you covered.