Automated Reconciliation for Payment Transactions

This document is a case study detailing the implementation of an automated reconciliation solution by FSS for a new age payments bank that began operations in 2018. The bank, a joint venture with a major public sector bank in India, aimed to enhance its reconciliation processes due to significant growth in transaction volumes and the complexity of managing various payment types. The document outlines the bank's need for a centralized system capable of reconciling multiple transaction types efficiently while minimizing resource requirements. FSS Smart Recon was selected for its extensive implementation experience and capability to handle a high volume of transactions. The solution automates reconciliation workflows, improves operational agility, and enhances data integrity through integration with third-party systems. Post-deployment, the bank has experienced improved efficiency, reduced dispute occurrences, and rationalized operating costs, ultimately leading to better profitability and auditability. The document concludes with a forward-looking statement on the bank's ongoing evolution in payment products.