Reconciliations

Falcon enables seamless three-way reconciliation across the credit card ecosystem by integrating data from the card network, account-level transaction systems, and the bank’s general ledger. This ensures transparency, accuracy, and audit readiness for every transaction across its lifecycle.

Key Features

Automated Reconciliation Processes

Transaction Matching: Automatically matches transactions across different systems, such as bank statements and internal ledgers.
Discrepancy Detection: Identifies inconsistencies or anomalies in financial records promptly.
Real-Time Updates: Ensures that reconciliations are updated in real-time, providing up-to-date financial information.

Customisable Reconciliation Rules

Rule Configuration: Allows users or businesses to define specific rules and criteria for reconciliation processes, catering to unique business requirements.
Threshold Settings: Users or businesses can set thresholds for acceptable variances, enabling focus on significant discrepancies.

Comprehensive Reporting

Audit Trails: Maintains detailed logs of reconciliation activities for auditing purposes.
Summary Reports: Generates summaries highlighting matched and unmatched transactions, facilitating quick reviews.
Export Options: Reports can be exported in various formats, including CSV and PDF, for further analysis or record-keeping.

Reconciliation Workflow

Data Collection: Gather financial data from various sources, such as bank statements, internal ledgers, and transaction records.
Rule Application: Apply predefined reconciliation rules to the collected data to identify matches and differences.
Review and Analysis: Analyse unmatched transactions or differences to determine causes and necessary actions.
Adjustment and Correction: Make necessary adjustments or corrections to rectify identified issues.
Finalization: Confirm that all discrepancies have been addressed and finalise the reconciliation process.

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