The words automated bank reconciliation mean a simple, automated, and quick solution that is supposed to improve the levels of accuracy when it comes to processing financial transactions that are being done through a delivery channel. In this case, all kinds of delivery channels such as ATM (automated teller machine), e-commerce, POS (point of sale), and mobile banking are taken into account. This particular process involves matching and then processing unstructured data that has been retrieved from said delivery channels. The banks and financial institutions taking part in such work also look at various switches, internal systems, and interchanges for such work.
The first highlight of these account reconciliation services is that they provide you with centralized reconciliation. Thanks to this particular feature it becomes easier for the users to get a single view of all their financial transactions. These are multi-level and multi-institutional systems that we are talking about over here. This means that these systems are capable of supporting multiple domestic and international networks and that too in several formats. As you would have guessed by now, these are fully automated systems over here. This is why they are capable of facilitating a reliable and fast process that does not have any discrepancy whatsoever.
With automated bank reconciliation, you get immediate alerts as well. These are sent to the most appropriate personnel in an organization and are triggered whenever the network falters. This in turn makes sure that you can provide almost uninterrupted service to your customers. You also get a facility referred to as suspected logs from these systems. This means that you get reports on discrepancies such as failed disbursements and wrong account debits. This particular facility helps with key areas such as settlement and checking. When you have such a reconciliation facility it also becomes easier to get reports on areas such as cash replenishment, individual network transactions, and individual ATM transactions.
An integral part of account reconciliation services is dispute management support. As per this service you get suggestions on the most appropriate actions that can be taken on disputed transactions. However, all the action that is taken in these cases is done based on pre-programmed norms. This way you can integrate some extra services as well. These systems come with the facility to integrate services such as auto-debit of cards and service charges from accounts of customers to name a few.
There are several reasons why you should use the automated bank reconciliation technology that we are talking about over here. For starters, they help you save on time and manpower. As you would have guessed by now, these systems are a lot more efficient and reliable. They provide quicker resolution in case of transactions that feature any kind of mismatch. These systems are capable of working as a single solution to all reconciliation-related requirements of payment systems at financial institutions such as banks. Most important of all, if you buy them from the leading service providers such as Finacus you would get consistent support from their teams of experts.
Even now you would see that most of the companies across the world are spending huge chunks of their resources such as money and manpower on manually checking their transactions and matching them. They also prepare journals and post journals so that they can complete their bank reconciliation work. In this case, otherwise crucial factors such as industry sector and size of company are not so relevant. This is where you need technology such as account reconciliation services by providing all the benefits that we have talked about so far.