ReconciliationHub for Enterprise customers
We have been building reconciliation solutions for merchants for many years. Our solutions help reconciling cashless payments from sales to financial accounting. We successfully implemented over 200 projects with international enterprise customers. As a result, we have huge knowledge and experience in all the details of the reconciliation process.
With this experience, we have created the Abrantix ReconciliationHub. The ReconciliationHub takes reconciliation a step further than most of the other solutions. It reconciles the complete financial flow, from sales to bank clearing. To do this we collect data from three sources:
- Cash register or web shop data (Sales)
- credit card payment advise files (e.g. EPA files (electronics payment advise provided by the acquirer)
- bank account statements (MT940, CAMT 053).
All this data is matched and reconciled, automatically. The ReconciliationHub provides a dashboard which shows you the result of this operation. If a transaction cannot be matched, it needs to be corrected. You can do this directly in the ReconciliationHub. The analytical functions of the ReconciliationHub will help you to find the problem quickly. Once everything is correct, the matched and reconciled data will be exported as journal postings into your accounting system. We support more than 35 accounting system’s out of the box (SAP, Microsoft Dynamics NAV, Microsoft Dynamics AX, etc.).
The ReconciliationHub works as a sub-ledger. It handles all your cashless payment reconciliation. Therefore, it also gives you an audit trail and it complies with the rules and regulation of financial auditors.
Our Knowledge and Experience
As you can imagine, transaction matching is much easier if you can work with good reference data across all data sources. In our experiences, this can be a major issue. Many acquires just don’t send useful transactions references in their payment advice files. This is where Abrantix can help. We have a long track record in engineering payment systems for the acquiring industry. We know the acquiring systems very well. Therefore, we know what is feasible and we can often convince acquirers to provide better reference data. This puts everybody into a win-win situation. The merchant gets a reliable reconciliation solution. The acquirer gets better customer retention because the merchant customizes the reconciliation process based on the acquirer data.
For example, we implemented a reconciliation solution for a big airline in Europe. They use 16 different acquires. We convinced all of those acquirers to deliver the airline-ticket-reference-number in their payment advice files. This helped the airline to streamline the reconciliation process massively.
With our knowledge, we can on one hand help large merchants to solve their reconciliation problems. On the other hand, we can help acquires to offer better services to their customers. This will lead to more satisfied customers that stick with the acquirer.
You can get more information about the Abrantix ReconciliationHub here. If you are an acquirer and want to offer outstanding reconciliation features please contact us.
More reconciliation articles can be found here:
Credit card reconciliation! The unknown Problem
Transaction Reconciliation in the Airline Industry
- bank reconciliation
- credit card reconciliation
- electronic payment advice
- epa files
- reconciliation hub