Reconciliation & Settlement system
Reconciliation is an accounting course of that makes use of numerous units of data to make sure figures are correct and in settlement. Reconciliation is the important thing course of used to find out whether or not the cash leaving an account matches the quantity spent, guaranteeing the 2 values are balanced on the finish of the recording interval.
Reconciliation Course of:
Transaction reconciliation takes place based mostly on numerous methods of reconciliation for transaction matching. The system helps 2-way, 3-way and 4-way reconciliation. ATM money balancing is taken together with chargeback administration/ dispute decision for all transactions, preparation of settlement vouchers, era of unloadable recordsdata and exception reporting, rates of interest, sustaining data for all of the financial institution’s transactions. System is optimized for multiway reconciliation.
• Platform unbiased, with a number of Dashboards
• In reminiscence processing
• Helps 3-way and 4-way reconciliation
• Environment friendly and high-performance centralized reconciliation system with T+1 TAT
• Constructed-in FRMS / Analytics
• Workflow based mostly Dispute Administration
• Versatile with compatibility for personalisation as per financial institution
• Generates Cost Vouchers, Settlement and Statutory Experiences
• Charges, Interchange, GST, TDS and expense earnings calculation
• Eliminates danger of handbook errors which can end in monetary loss
• Dealing with exponential enhance in transaction volumes with out extra value
The PA DSS licensed Enterprise Extensive Reconciliation and Settlement i-Recon© product of IDBI Intech is designed on newest AI based mostly applied sciences to satisfy the reconciliation and settlement of each day transactions from numerous sources like NPCI (NFS / RuPay), VISA, MasterCard, CashNet, Amex for ATM & POS, ATM Money In Accounting utilizing EJ / CBS / Swap / CBR (C3R), Digital Banking transactions like IMPS / UPI / BBPS / AePS and so forth., digital wallets, Card to Card transactions, Contactless Playing cards, Nostro Accounts (Swift), Dividend and so forth. as much as the utmost chance of matching and in extremely environment friendly time certain method. i-Recon© is only future proof and it is able to undertake upcoming cost channels. PA DSS certification is an trade customary accreditation for secured cost methods.
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