Digital Transaction Reconciliation made Simple and Secure for Banks

We are aware, authorisation and approval of credit or debit card transactions are fully mechanised by the card issuer banks. When every process inside the payment authorisation is so fully automated, have you ever wondered, if there is a need at all for the banks to have a separate Card Transaction Reconciliation process. If you did, then consider these possibilities: loss of transactions over the net, double debits to customer accounts for a single transaction and excess (or duplicate) claims made by counter parties. Finally be also aware that each of the participating entities in payment authorisation, cut-over their daily operation cycles at different time period of the day. This results in the transaction extract for a day from one entity never really matching with the extracts of other entities.

Card transaction reconciliation, therefore mitigates operational risks and helps financial institutions in confidently settling the disputes raised by their customers.