i-Recon Reconciliation & Settlement system

Reconciliation is an accounting process that uses various sets of records to ensure figures are accurate and in agreement. Reconciliation is the key process used to determine whether the money leaving an account matches the amount spent, ensuring the two values are balanced at the end of the recording period.

Reconciliation Process:

Transaction reconciliation takes place based on various ways of reconciliation for transaction matching. The system supports 2-way, 3-way and 4-way reconciliation. ATM cash balancing is taken along with chargeback management/ dispute resolution for all transactions, preparation of settlement vouchers, generation of unloadable files and exception reporting, interest rates, maintaining records for all the bank’s transactions. System is optimized for multiway reconciliation.

Key Features:

• Platform independent, with multiple Dashboards
• In memory processing
• Supports 3-way and 4-way reconciliation
• Efficient and high-performance centralized reconciliation system with T+1 TAT
• Built-in FRMS / Analytics

Business Benefits:

• Workflow based Dispute Management
• Flexible with compatibility for customization as per bank
• Generates Payment Vouchers, Settlement and Statutory Reports
• Fees, Interchange, GST, TDS and expense income calculation
• Eliminates risk of manual errors which may result in financial loss
• Handling exponential increase in transaction volumes without additional cost

The PA DSS certified Enterprise Wide Reconciliation and Settlement i-Recon© product of IDBI Intech is designed on latest AI based technologies to meet the reconciliation and settlement of daily transactions from various sources like NPCI (NFS / RuPay), VISA, MasterCard, CashNet, Amex for ATM & POS, ATM Cash In Accounting using EJ / CBS / Switch / CBR (C3R), Digital Banking transactions like IMPS / UPI / BBPS / AePS etc., digital wallets, Card to Card transactions, Contactless Cards, Nostro Accounts (Swift), Dividend etc. up to the maximum possibility of matching and in highly efficient time bound manner. i-Recon© is purely future proof and it is ready to adopt upcoming payment channels. PA DSS certification is an industry standard accreditation for secured payment systems.

Must Read:-

<p>The post i-Recon first appeared on Business Connect | Best Business magazine In India.</p>

* This article was originally published here