Automated Reconciliation Service

Save hundreds of working hours for developers, managers and accountants for the reconciliation process

Use case

The company has 2 counterparts that send transaction reports in CSV files over email every day. Each daily report consists of thousands of lines with transaction details. About a million transaction lines from the counterparts per month. Now the company wastes 8 working days of the employees monthly for the reconciliation with continuously several human-mistakes during the process.

As a result, wasting time for investigation and reporting of deviations and waste of money.

What is the solution?

A cloud-based solution which automates the matching and reconciliation of transactions across multiple data sources.
The best for banks, payment service providers, electronic money, remittance, currency exchange and other businesses.
Built on the Universal Financial Industry Standard ISO 20022.

Key features

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Powered by ISO 20022 standard

Automated ISO 20022 data standardization including payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.

Automatization of key processes

Automated Import & export procedures, data parsing, comparison, matching, data encoding and anonymisation. Save the significant time of your team, exclude investigation and reporting of deviations.

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All popular data formats supported

Add any counterparty report or data source in any format (CSV, JSON, XML or direct contact to the DB).

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Share and collaborate

Manage access to the generated reports to colleagues and counterparties.

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In-depth reports and analytics

Get data visualisation to find insights. Daily digests highlighting key matching events, alerts and notifications.

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Industry-leading security

Security is baked into everything we do, including data storage and handling procedures that are SOC 2 accredited and ISO 27001 certified.

How does it work?

1

Set up a company's reconciliation space

- Connect company’s data sources to the service (CSV, JSON, XML or direct contact to the DB)
- Add any counterparty report or data source in any format

2

Get a result of this reconciliation in formats

- The table illustrated the differences between the two spreadsheets.
- The full detailed reconciliation report with all mismatches detected for manual matching
- Visualization of the report - the easiest way to explore the insights and detect anomalies

3

Store all results of the reconciliations for the future analysis

- Manage access to generated reports to colleagues and counterparty (share & collaborate)
- Secured long-term storage for all company’s data and reports

Solutions for all company sizes

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Small

No obligations

Pay-as-you-go model. Low transaction volume. Scale-up according to your growing needs. Low-speed processing.

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Medium

No hidden fees

Transparent flat fee. All popular data sources. Medium transaction volume. Medium-speed processing.

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Enterprise

The full package

High-transaction volume. High-speed processing. Unlimited data sources and attributes .

What is ISO 20022?

ISO 20022 is a multi-part International Standard prepared by ISO Technical Committee TC68 Financial Services. The standard describes financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information. Organizations participating in ISO 20022 include SWIFT,  Visa, Ripple, FIX Protocol Limited, ISDA (FpML), ISITC, Omgeo. By 2025, 80 percent of global high-value payment volumes will use ISO 20022.

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