Reconciliation
and Settlement
Services

Reconciliation and Settlement Services

Local and multi-national businesses with millions of transactions in multiple currencies, various sales channels, and different payment methods can lead to heavy administrative work, loss of revenue, and delay risk mitigation. RS2 Reconciliation and Settlement Services help you reconcile your business and manage your daily operation efficiently, cost-effectively, and in a timely manner. You can ensure that you reconcile all transactions generated from different sources in different currencies and various payment channels, such as cards, alternative payments, bank statements, etc. The reconciliation tools also provide automated feed based on the chart of accounts provided by the customer into their general ledger accounting system. The reconciliation process can be executed daily or multiple times a day since any financial transaction is processed in real-time and GL is instantly generated.

The platform also incorporates the capability to receive transaction feeds from third-party systems and integrates these into the reconciliation data allowing to consolidate payment instruction.

Feature & Capability

Reconciliation at multiple levels, which includes but is not limited to:

  • Transaction processing
  • Chargebacks and disputes
  • Interchange
  • Card Scheme settlement
  • Alternative Payments
  • Bank statement

The reconciliation tool covers any type of transaction and their status. The information is accessible through screen prints and exports in various formats such as PDF, Excel and CSV, based on real-time updates.

Accounting, general ledger and reporting

A seamless integration to the organisation’s general ledger is provided in order to have a full view of the profitability and manage the risk of the business. General ledger transaction journals or information by file can be used to automatically update the organisation’s general ledger with all financial activity occurring in the BankWORKS® sub-ledger system.

RS2 Reconciliation and Settlement Services help prevent revenue leakages, increase transparency and improve the accuracy of financial reporting.

Reconciliation at a glance

  • Identify missing revenues quickly and efficiently
  • Take prompt corrective action to reduce revenue loss
  • Reconcile all your payments regardless of sales channel, payment method, currency or country, etc.
  • Automated matching of payable and receivable
  • Accurate forecast of account receivables
  • Automated consolidation of multi-national business in one view
  • One statement for all payment methods
  • Fully automated reconciliation feeds into the customer general ledger
  • Reconciliation capabilities at business, customer and transaction level
  • Reconciliation across multiple lines of business and locations
  • Automated consolidation of multi-national business in one view
  • Mitigate fraud
  • Reduced loss exposure
  • Ensure regulatory compliance
  • Gain visibility - One statement for all payment methods
  • Increase control
  • Automated feeds to your general ledger