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

1. Transaction Matching: Automatically matches transactions across different systems, such as bank statements and internal ledgers.​
2. Discrepancy Detection: Identifies inconsistencies or anomalies in financial records promptly.​
3. 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

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