Reconciliation Flow
Reconciliation process follows this flow end to end:- Ingest multi-source data (automatically with Recital Bride or via file uploads)
- Normalize rows and columns using transformations
- Match records based on customizable logic on data fields
- Handle exceptions for manual or automated review
- Generate exportable audit packs for the reconciliation outcome
Reconciliation Flow Types
Recital supports the following reconciliation flow types:| Flow Types | Description |
|---|---|
| User Recon | Upload files, create custom rules, and apply transformations to tailor your reconciliation process. |
| Manual Recon | Run a reconciliation using a file on any format, as well as your bank and/or provider data |
| Auto Recon | Create reconciliations that run at intervals, connect your provider, bank and/or internal record and setup a day and time. |
| Real-time Recon | Instantly match transactions across banks, ERPs, and payment gateways for accurate, up-to-date financial records. |
| Balance Recon | Reconcile credits and debits, validate opening and closing balances, and flag discrepancies to keep your accounts balanced and accurate. |
Reconciliation Data & Reconciiation Types
Recital can ingest both transaction and settlement data and intelligently perform the required (tranaction or settlement) reconciliation per your worklow.| Data Types | Description |
|---|---|
| Transaction Data | Record of actual financial events/transaction record from a data source (e.g., internal ledger). |
| Settlement Data | Record of lump sum settled amount for each settlement category (e.g., Agency Banking Cashout) and account type (e.g., Amount Payable, Issuer Fee Receivable) from a data source (typically a processor or switch). |
Reconciliation Types
Recital can perform the tranaction or settlement reconciliation as required for per your worklow.| Reconciliation Types | Description |
|---|---|
| Transaction Reconciliation | Uses only transaction data from different systems/sources. E.g., Reconciliation using transaction data can help determine if two or more systems captured all the financial events that happened within a period. |
| Settlement Reconciliation | Uses both transaction and settlement data from different systems/sources. E.g., Reconciliation using both settlement and transaction data can help to determine if a merchant or bank’s provider made the correct settlement on day T+1 for all Agency/ATM transactions that happend on day T. |