With the proliferation of new payment mechanisms banks need to reconcile many types of digital payment transactions including credit, debit, prepaid, ATM, POS, P2P and mobile transactions. Current payment reconciliation systems are, however inflexible to support new payment classes, new file formats and data
resulting in protracted time to onboard payment reconciliations quickly and facilitate multi-party reconciliations. An inability to keep up with new payment classes and growing transaction volumes, introduces additional operational risks, potentially increasing number of exceptions and dispute volumes and costs.
FSS Smart Recon
FSS Smart Recon offers a highly configurable platform for onboarding new payment classes and automates the complete reconciliation operations spanning administrative management, data integration, transactional matching and exception management and reporting.
Designed to match high-volumes of records, FSS Smart Recon supports a wide diversity of payment classes with built-in flexibility to rapidly onboard new reconciliation processes for multiple payment channels and scheme-based payments. Complete visibility into transaction records across payment systems and automatic identification of exceptions reduces administrative overheads by saving time and audit costs, mitigates risk and enhances customer satisfaction.
Multiple Reconciliation Types
Implemented by leading banks and processors globally, FSS Smart Recon, a dedicated platform for payments reconciliation supports Card reconciliation, ATM reconciliation, Instant Payments reconciliation, Payment Gateway and Wallet reconciliation.
Supports on-us, off-us and remote on-us (us-on) transactions
Supports all typical file formats made available by Interchanges
Supports international schemes like VISA, Master Card, JCB, Union Pay International, Amex
Supports regional interchanges/processors including Rupay and NFS in India, LankaPay in Sri Lanka, OmanNet in Oman, JoNet in Jordan, BancNet in Philippines
Automation of data import and n-way record matching
Generates settlement report for Interchanges
Robust exception management and reporting for analyzing unmatched records for further knock-offs
Supports auto-match and relax (variance) match
Interchange fee reconciliation for verifying accuracy of transaction fee charged to the bank
Dispute management and chargeback lifecycles
The reconciliation of ATM transactions involves processing data from multiple sources including switch, host (CBS), electronic journal (EJ) from ATMs, cash balance report (CBR) and cash-in-transit (CIT) agencies. FSS ATM Cash Tally is designed to handle the entire back office operations including extraction of various transaction files, filtration and final reconciliation.
Powerful ETL Engine
Ensures full support for any EJ formats including Diebold, NCR and Wincor.
Tallies Cash Balance
Compares and matches switch transactions with the balances maintained at the host.
Performs Cash Increment or Decrement Reconciliation
Compares and matches ATM cash loading and unloading transactions.
Performs three-way reconciliation for on-us and remote on-us and four-way reconciliation for off-us transactions.
Handles reversal for partial withdrawals and currency fluctuation for cross-border transactions. The system supports automatic generation of adjustment entries for exception records across branches or cash replenishment agencies, ATMs and customers.
Customizable dashboards provide insights into exception transactions, tallied and untallied ATM terminals and cash variances at the terminal level.
Alternate Payment Channel Reconciliation
Supports IMPS, NEFT, RTGS, UPI (India Instant Payment Scheme), Aadhaar Pay (Payments made using social ID and biometrics), Bharat BillPay System (India’s central biller network) transactions
Handles timeout and adjustment cases for IMPS and UPI and generates TCC, RET, DRC and RRC reports
Handles business correspondent data for reconciling AEPS transactions
Handles biller data for reconciling BBPS off-us transactions
Dispute management process with turnaround time setting and alert mechanism for alternate channels for timely resolution of customer complaints
Payment Gateway and Wallet Reconciliation
Reconciles wallet spend transactions, wallet load and reload transactions and wallet to wallet transfers
Generates matched and unmatched reconciliation reports
Configurable rule-setting to reconcile transaction based on multiple parameters
Creation of adjustment files wherever applicable for posting into the CMS
File from Bank on load/reload will contain the indicators on the payment mode through which the load/reload happened, and generation of matched and unmatched reconciliation reports will also contain the indicator
Sophisticated ETL processes streamline data collection and validation into one centralized system to quickly identify matched and unmatched transactions. This eliminates tedious manual process and accelerates account close cycles.
From set-up to closure all reconciliation activity can be managed from an intuitive browser-based user interface, with auditable workflows simplifying operations and service governance.
Use case library
Built-in library of pre-configured use cases for standard reconciliations significantly improves onboarding time.
Settlement and funds movement of net positions and electronic payment transactions such as credit card, debit card, ATM, POS, and mobile transactions.
All reconciliation exceptions and breaks (un-reconciled, chargeback, claim, complaint) are available for exception management analysis enabling the user to view, manage and clear breaks and credit funds into the system.
End-to-end dispute management
The dispute and chargeback management module is a powerful workflow management system for managing the complete lifecycle of the dispute and analyzing the information to predict and avoid potential chargebacks via proactive credit adjustments wherever applicable.
Fees and commissions module for banks and processors to rapidly configure a range of fees , including interchange fees, gateway fees, processing fees, service fees, recurring fees, commissions, and more. It supports a wide range of multi-dimensional pricing modules including transaction-based, volume-based, percentage-based, threshold-based, flat, and tiered rate schedules.
Intelligent rule-based pattern matching
With Intelligent Transaction Matching, banks and processors can automate high-volume, labor-intensive reconciliations and free up time for investigating discrepancies and performing analysis. FSS configurable, rule-driven matching process provides the highest automated match rates for multi-party reconciliation without depending on technical experts.
Scalable to match billion of records
High-volume, complex matching needs exist across the board and require matching functionality that is highly scalable. Benchmarked to match 1 billion transaction records hourly, FSS Reconciliation suite allows customers to automatically match and reconcile billions of transactions in minutes.
Secure reconciliation operations
A comprehensive security framework including physical security, data encryption, user authentication and application security underpins the solution to safeguard sensitive payments data.
Rich dashboards and reporting
Enable process monitoring, immediate action on errors and quick investigation and resolution of exception and transaction disputes.
Transform Reconciliation Operations with a Managed Services Approach
FSS offers a full services Reconciliation portfolio to help customer improve operational efficiencies. Customers have the option to extend a managed technology service model or a managed technology and operations services model. We offer flexible on-shore and off-shore services tailored to customer needs.
Customers benefit from FSS unique combination of deep payments expertise, proven global solution and experienced staff with practices and deep operational expertise to manage reconciliation. Under the umbrella of Managed Services, FSS assumes complete responsibility for end-to-end operations including reconciliation, complaint redressal and regulatory reporting across payment classes.
Success Stories Delivering Value
FSS has experience of successfully serving a wide base of customers from multinational banks, payment processors and telecom operators to wallet companies. FSS 30 years’ experience in the payment domain guarantees ability to meet unique reconciliation needs of each institution.
Our customer is the largest private multinational bank in India in terms of market capitalization and the fifth largest bank in terms of assets. The Bank has a network of 4,787 branches and 12,635 ATMs across India. FSS Smart Recon reconciles 3 million ATM transactions and 1 million POS transactions daily for the bank. FSS Smart Recon was extended to support new payments classes including IMPS (Immediate Payment Service) Reconciliation, Micro ATM Reconciliation and Domestic Interchange support for business advancements.
Our customer is the largest public sector bank in India and has deployed FSS Smart Recon as the end to end reconciliation solution for its customer base of 424.2 million debit card holders. FSS has helped the bank to successfully calculate the fees charged by interchanges for every transaction made. The system also reconciles the calculated fees with the charge from the interchange. The process revealed the bank was incurring an additional annual charge of $57,360 which led to direct savings to the bank’s bottom line.
Our customer is a full-service commercial bank in the UAE. The company needed a solution to automate the manually intensive ATM Cash Tally process. FSS ATM Cash Tally provided the perfect match for the bank’s Cash Tally needs, by handling Switch, EJ, CBS and CRA data. The system supports:
- Reconciliation records from 400+ ATM terminals
- Auto-scheduling and notification of data upload via various channels, seamless processing and GL updates without any manual intervention
- Intra-currency settlement processing
- Seamless ATM Cash Tally and generation of EJ missing reports and Tally reports
Benefits to Banks
Improves Operational Efficiencies
Reduces operational costs and ensures the highest possible automation levels and matching rates, through comprehensive match rules. Assures economies of scale via support for quick onboarding of new reconciliations.
Enhances Customer Satisfaction
Improves dispute resolution time resulting in higher customer satisfaction scores
Risk Avoidance Improves Revenue Efficiency
Lowers operational risk by automating manual processes for efficiently reconciling payment records as well as detecting and resolving exceptions.
Visibility into accounting discrepancies, stems revenue leakage.
Lowers Opex as Hosted Service from FSS’ Cloud Platform
Combines an innovative technology platform with outsourced reconciliation services to eliminate the need of large capital investments in reconciliation and reduce the operational cost support for multi-institutional deployment which lowers total cost of ownership.
High Customer Satisfaction
Quicker detection of exceptions improves dispute management, improving customer satisfaction rates.
Assures economies of scale via support for quick onboarding of new reconciliations.
End-to-end process automation reduce administrative activities and rationalizes manpower costs.
Out-of-the-box matching rules ensure higher levels of STP through the industry’s leading automated match rates.
FSS Recon’s performance based on the extraction and reconciliation processes has been benchmarked by Oracle labs at an industry leading 2M RPS.
Improves Operational Efficiencies
Reduces operational costs and ensure the highest possible automation levels and matching rates, through comprehensive match rules. Assures economies of scale via support for quick onboarding of new reconciliations.
Associated Products and Services
Partner with the leading global player for comprehensive reconciliation services
Maximize business performance with data-driven insights
Enabling cashless, cardless payments
Global leader in card management systems
Single card management system – multiple uses