Payment Clearing and Settlement
Bringing Efficiency and Accuracy in Funds Distribution
The maximum value and safety for faster payment
Faster payments with an increased ROI has become the critical differentiator for staying ahead of the competition. Therefore it has become essential for achieving final settlement as early as possible without delay for credit, liquidity, or operational risk. As part of clearing and settlement, an accurate, real-time, and efficient reconciliation process is a differentiator. Companies that continue to use manual reconciliation processes are overburdened by challenges and at risk in data collection, transaction matching, and post reconciliation adjustments. A configurable, web-based automatic reconciliation system for monitoring and resolving the daily reconciliation process is needed to bring the maximum value for faster payments. Conducting a comprehensive automation review of the end to end clearing and settlement process can optimize operational efficiency for all the players in the payments ecosystem and is a must in today’s disruptive environment.
What RS can do for you
- Reduced reconciliation and exception management time by 80% by automated notification of exceptions
- Reduced end-to-end reconciliation time by an estimated 86% by moving from manual reconciliation to automated reconciliation
- Automated the job of acquiring data from multiple external and internal sources using API and secure file transfer protocol (SFTP) to build a dashboard to access the status and details associated with the reconciliation coming from multiple sources
- Provided an organization with better visibility and tracking of fees, charges, and adjustments for better audibility. The reduction in audit cost was 86% based on automated account certification and electronic storage of data.