FSS (Financial Software and Systems), a global payments technology company, announced the successful implementation of its Reconciliation Suite solution at Airtel Payments Bank, India’s first payments bank.
FSS Reconciliation Suite provides an integrated solution that enables Airtel Payments Bank to automate the reconciliation process across payment channels.
With an ever-growing volume of payment transactions in the order of millions each day and introduction of newer payment channels, typically multiple entities are involved in transaction processing, with each system maintaining a record of the transaction.
This can result in discrepancies in transaction records across different systems. For instance, the payee account could be debited but the payer account may not be credited due to a technical failure. FSS Reconciliation Suite accurately unmasks accounting discrepancies during the reconciliation process. The proactive and on-time identification of such exceptions resolves the issue much before a customer contacts the call centre. It also reduces dispute volumes and improves customer service levels.
Commenting on the partnership, Suresh Rajagopalan, President Retail Payments, FSS stated; “We are delighted to partner with Airtel Payments Bank, the first payments bank in the country, for our Reconciliation Suite solution. Our integrated offering streamlines critical reconciliation processes and provides a solid foundation for optimising business efficiency and risk controls as well as minimising customer disputes.”
FSS Reconciliation Suite has been benchmarked at Oracle Labs to process a whopping 1-Billion transaction records in just an hour, the solution can match millions of transactions between multiple systems within few minutes, seamlessly accommodating the expanding transaction volumes.
Deployed by leading banks and payment processors globally, FSS Reconciliation Suite is an end-to-end solution incorporating data import, transformation and enrichment, data matching, exception management and timely reporting and analytics. The solution supports a wide diversity of payment classes - Instant Payments (IMPS and UPI), NEFT, RTGS, AEPS, Bharat Bill Payment Systems, Bharat QR Codes and QR Code Payments -- with built-in flexibility to rapidly onboard new reconciliation processes for multiple payment channels and scheme-based payments.
FSS Reconciliation Suite employs a configurable rules-based matching engine to tailor match criteria to meet the unique characteristics of each transaction type, producing a higher auto-matching rate. This improves straight through processing ratios as well as highlights exceptions and discrepancies for further investigation and resolution in a completely auditable framework.