The NBFC has 16 process and 53 files for Bank Reconciliation through channels viz payment gateways, wallets, net banking, UPI, kiosks, ATMs, bank cheques, credit cards and prepaid cards. These processes include Collection, CMS, Direct Debit, E-Collection, Processing Fees and Disbursement.
High manhours on reconciliation, quicker reporting turnaround time, dependence on people to be present and newer people having the ability to quickly deliver, detection of payment issues and optimizing processing charges expenses.
Handling complex reconciliation rules, performing reconciliation between several files and Bank Statements, generating Open entries and Bank Reconciliation Summary (BRS) Reports for several processes was a repetitive and time-consuming task performed on daily basis.
The QuickReco tool dynamically automated bank reconciliation process. This included the following: