Chennai-based financial services company Financial Software and Systems (FSS) on Monday said it has rolled out an upgraded version of its Smart Recon platform.
Smart Recon offers end-to-end, automated solutions for reconciliation management across payment workflows, with built-in support for complex and multi-source reconciliation scenarios.
Deployed by banks and payment processors, it offers a unified system to reconcile digital payments and incorporate data import, transformation and enrichment.
The updated solution’s machine learning-based settlement process will improve speed, accuracy and automate manually intensive processes, while enhancements to the general ledger tally will improve time to market, a statement said. The cloud enablement will boost scale and cost efficiency of the payment reconciliation process, it said.
The company has witnessed significant demand for modernisation of back-office operations across segments and markets, global chief revenue officer Krishnan Srinivasan said.
“Our Smart Recon solution has been deployed by tier 1 banks, neo banks and merchant aggregators. Customers are increasingly pivoting away from in-house payment reconciliation systems with semi-automated processes towards service-based contracts backed by new-age technology platforms,” he said.
The latest updates will provide a 40% and 30% improvement in time to market for greenfield implementations and reconciliation time cycles, respectively, along with an overall 25% reduction in direct costs, compared to partially automated processes, the statement said.
“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 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,” deputy chief product officer Sathish N said.
Last month, FSS launched a new acquiring-platform-as-a-service solution. The solution, dubbed EmBark, works by orchestrating interconnections among players in the financial ecosystem, such as banks, processors, merchant acquiring institutions and micro, small and medium enterprises (MSMEs).
In July, FSS announced that its ecommerce payment gateway would support wallets such as Apple Pay, Samsung Pay and Google Pay.