Reconciliation

Reconciliation

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’s deep expertise provides a comprehensive solution - BankWORKS® Reconciliation - to enable you to reconcile your business and manage your daily operation efficiently, cost-effectively, and in a timely manner.

BankWORKS® Reconciliation enables you to reconcile 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 instructions, statements, reporting and provide one single view of the entire business.

Feature & Capability

BankWORKS® Reconciliation is easy to configure at transaction or file level. It also features to reconcile in real-time or at end of the day to ensure efficient and timely reconciliation and reporting.
BankWORKS® Reconciliation allows to reconcile 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. The reconciliation allows to validate:

  • Transactions received in BankWORKS® will be compared to submitted transactions to Card Schemes, incorporatings
    • processed transactions versus cleared transactions
    • rejected clearing transactions
    • reprocessed clearing transactions
       
  • Transactions submitted to Card Schemes versus confirmed Card Scheme settlement, incorporating
    • cleared transactions versus Card Scheme settlement transactions
    • Card Scheme rejects
    • estimated interchange by BankWORKS®
    • actual interchange established by the Card Scheme
    • applicable for Dual (DMS) and Single (SMS) messages
    • reconciliation at file level for ease of reconciliation
    • inter-active data drill down at file and processing date level supported
       
  • Merchant funding and collection review, incorporating
    • value dated merchant settlement transactions versus actual pay-outs
    • identification of pending merchant settlements
    • alerts on unpaid merchant settlements
    • inter-active data drill at file and value date level
       
  • by using Single Message (SMS) List View
    • detailed transaction view
    • creation of user-defined lists
    • selecting by user-defined statuses
    • accessing status link to transaction aging for SMS only
       
  • by using Dual Message (DMS) List View
  • detailed transaction view
  • creation of user-defined lists

    
The operational aspect is also catered for by ensuring appropriate reconciliation based on real-time updates. This could be accessed through screen print and exports in various formats such as PDF, Excel and CSV and incorporates aspects like:

  • automated end-of-day (EOD) checklist
  • inbuilt error validation
  • SLA-based (service level agreement) monitoring of processes
  • parameter-based process duration alerts
  • parameter-based audit control link with the determined processes
  • verification of run frequency
  • inter-active data drill down
     
  • tracking of rejected transactions such as:
    • transaction rejects
    • merchant settlement rejects
    • Card Scheme rejects
       
  • System alerts and reconciliation of settlement at transaction level to identify:
    • future value-dated settlements at file level
    • transactions processed after settlement cut-off
    • unpaid transactions

The reconciliation of movements in the BankWORKS® sub-ledger accounts can easily be monitored using powerful features which are, as always, based on real-time updates and accessible through screen print and exports in various formats such as PDF, Excel and CSV:

  • sub-ledger account balance summary
  • balance summary per currency
  • sub-ledger account balance summary for all currencies in the platform
  • sub-ledger reconciliation at account level
  • break-down of the posting entries at source level
  • system alerts for potential manual erroneous entries


Accounting, general ledger and reporting

In order to have a full view of the profitability and manage the risk of the business the module provides a seamless integration to the organisation’s general ledger. 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.
In addition, a set of standard transaction reports are available to monitor financial activity on detailed or summary level:

  • GL transaction journal
  • Incoming transaction journal
  • Outgoing transaction journal
  • Posting journal
  • Merchant Payment report
  • Account trial balance
  • Exception handling report
  • Scheme Settlement report

This is complimented by ad-hoc reports that can be produced using the integrated screen reporting functionality.

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