Why It Matters
- Manual reconciliation is slow, error-prone, and difficult to audit.
- Mismatched records (e.g., between Banks, PSPs, ERPs) create operational risk and compliance issues.
- Finance teams need automation to free time for strategic tasks.
How It Works
1
Ingest
Recital ingests financial data through APIs, direct database connections, SFTP, flat files (CSV, Excel, XML), custom integrations with core banking systems or pre-built connectors to Banks, PSPs, Switches,ERPs to pull in financial data.
2
Transform
Recital enables data to be converted, cleaned, enriched, and restructured so that it becomes usable, consistent, standardized and reliable for applying matching, grouping, reporting and compliance. Common transformations include filtering irrelevant fields or rows, concatenating transaction/unique IDs, trimming spaces, left/right functions, and applying business rules. Transformation action can be saved as rules for later re-use by the user or system.
3
Match
Recital empowers users to define logic for handling reconciliation between two or more data sources (e.g., Bank statements, GL, Switch, Settlement Reports) using on one or more fields, e.g., transaction amount, RRN, STAN, account number, reference number, narration, dates, or custom identifiers”. This matching logic can be saved as rules for later re-use by the user or system.
4
Exception Handling
Differences outside tolerances are flagged and routed to officers for resolution.
5
Report
A clear outcome report is generated, showing reconciled, partially matched, and unmatched records.
Example Output
| Status | Records | Description |
|---|---|---|
| Reconciled | 98% | Records matched within tolerance. |
| Partial | 1% | Records matched but with differences requiring review. |
| Unreconciled | 1% | Exceptions flagged for investigation. |
Outcome: Faster closes, fewer exceptions, and a defensible audit trail for regulators.