Chennai, September 7 2020: Global payment products provider, FSS (Financial Software and Systems) and processor, has introduced critical increments to its market-leading Smart Recon platform. The new system will leverage ML and automate manually intensive processes and improve the speed, accuracy, and the reliability of the payment reconciliation process.
FSS Smart Recon provides an end-to-end, automated solution for reconciliation management across payment workflows, with built in support for complex, multi-source, multi-file many-to-many reconciliation scenarios. The notable enhancements include:
- Machine learning-based settlement process for improved speed and accuracy.
- Universal Data Wizard and enhancements to General Ledger Tally for improved time to market
- Cloud-enablement for improved scale and cost efficiency
Collectively the enhancements provide a 40% improvement in time to market for greenfield implementations, a sizable 30% improvement in reconciliation time cycles, and an overall 25% reduction in direct costs as compared to partially automated processes.
Says Krishnan Srinivasan, Global Chief Revenue Officer FSS: “FSS is a leader in the payment reconciliation space, with 25+ deployments globally. Our Smart Recon solution has been deployed by Tier One banks, neo banks, MNOs and merchant aggregators. Across segments and markets, we are seeing a significant demand for modernisation of back-office operations. Customers are increasingly pivoting away from in-house systems with semi-automated processes towards service-based contracts backed by new-age technology platforms.”
Adds Sathish N, Dy CPO, FSS:: “Payment reconciliations have become exceedingly complex and simplicity and speed is crucial for banks and financial institutions in the wake of an ever-increasing influx of transaction data. With our continuous innovation-led model and investment on right technology like Machine learning, AI and cloud computing, banks and financial institutions will benefit from flexible and scalable processes and improved speed and accuracy of reconciliation.”
FSS Smart Recon deploys advanced unsupervised Machine Learning (ML), algorithms for settlement accelerating the reconciliation cycle by dynamically identifying potential discrepancies at source. Algorithm-based settlement processes allow new components to be detected within seconds, lowering process latency, and saving 80% time in performing resolution actions.
Deployed by globally leading banks and payment processors, FSS Smart Recon is a unified system for reconciling digital payments and incorporates data import, transformation and enrichment, data matching, exception management and timely reporting and analytics. The solution supports a wide diversity of payment classes – ATM Recon, Online Commerce, Wallets, Instant Payments (IMPS and UPI), NEFT, RTGS and QR Code Payments -- with built-in flexibility to rapidly onboard new payment channels and scheme-based payments.