Today’s financial service providers such as banks, card networks, and payment service providers are processing high volumes of electronic payment transactions (e.g., ATM, POS, debit, credit, prepaid, mobile, etc.). The data for these transactions is typically coming from multiple sources (e.g., payment gateways, card associations, regional networks, third-party processors, etc.). To ensure financial equivalency and reduce financial risk, financial service companies must accurately identify and quickly resolve discrepancies between all their transaction data sources. This transaction reconciliation process can be cumbersome, time consuming, and inaccurate.
Concourse – Reconciliation is a real-time, rules-based software solution that automatically matches and accurately identifies discrepancies between all transaction data sources. At any time, financial service providers can view their current reconciliation status, net position, suspense items, and data discrepancies. They can also view the specific reason for each discrepancy and provide superior exception resolution services.
Concourse – Reconciliation enhances operational efficiency and reduces financial risk because it does the following:
- Automatically loads data from all transaction data sources
- Links data and creates complete transaction life cycle
- Reconciles data from two or more data sources
- Performs both transaction and balancing reconciliation
- Provides real-time view of reconciliation status