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How EPS's Unified Reconciliation Platform is streamlining financial operations
EPS Pvt Ltd, leading in payment technology services in India, faced challenges in reconciling transactions across diverse payment mechanisms like UPI, IMPS, AePS, ATM, and POS. The existing manual and fragmented automated processes were time-consuming, error-prone, and inefficient. To address these issues, a unified reconciliation platform was implemented to integrate and streamline transaction data, ensuring improved accuracy, efficiency, and compliance for EPS's client banks.
Tech used
Data Reconciliation
API Management
Zero Trust
Microservices
India
Challenge
EPS faced significant challenges in managing its payment reconciliation processes for client banks. The existing system relied heavily on manual methods and isolated automated tools, leading to inefficiencies and operational bottlenecks. Manual reconciliation processes were time-intensive and prone to human errors, creating discrepancies and delays in reconciling transactions. These inefficiencies impacted financial reporting accuracy and introduced additional risks, such as mismanagement of funds and compliance issues.
Another major hurdle was the lack of integration across various payment mechanisms, including UPI, IMPS, AePS, ATM, and POS. Each mechanism operated within its own isolated system, resulting in fragmented data and inconsistent workflows. This fragmentation complicated the data aggregation and analysis processes, making it difficult to gain a unified view of financial transactions. Consequently, reporting discrepancies became more frequent, increasing the effort required to identify and resolve issues. Without a standardised system, EPS struggled to track and manage financial performance effectively.
In addition, the manual reconciliation methods heightened the risk of fraud and financial losses. The growing sophistication of fraud techniques further compounded this challenge, as the existing system lacked real-time monitoring and anomaly detection capabilities. These limitations not only slowed down the process of identifying discrepancies but also exposed client banks to financial risks. The inability to provide timely, accurate financial data hindered informed decision-making and compromised operational efficiency, prompting the need for a comprehensive and scalable reconciliation solution.
Solution
Unified Reconciliation Platform Implementation address the challenges faced by EPS in managing its reconciliation processes, a unified reconciliation platform was implemented by Cateina Technologies. This solution centralized and streamlined the reconciliation of transactions across multiple payment mechanisms, such as UPI, IMPS, AePS, ATM, and POS, ensuring a cohesive and efficient process. The platform’s design incorporated advanced matching algorithms, robust exception management, and comprehensive reporting capabilities, tailored to meet EPS's diverse needs.
The first step in implementing the solution involved data ingestion from multiple sources, including databases, files, APIs, and external systems. This capability enables the platform to handle high volumes of transaction data from various channels efficiently. The ingested data undergoes rigorous validation and cleansing to ensure integrity and eliminate redundancies, laying the foundation for accurate reconciliation.Matching rules and configurations are then defined to cater to the specific criteria of each payment mechanism, ensuring precise transaction comparisons.
At the core of the platform is an advanced matching and reconciliation engine that compares transaction records across multiple sources. This process automated the previously manual effort, reducing errors and inconsistencies. The platform further incorporates exception handling workflows to identify and address discrepancies, such as duplicate transactions or missing entries, in a timely and systematic manner. This enhances the overall efficiency and reliability of the reconciliation process.
Another critical feature was the inclusion of settlement and accounting functionalities, which automated the generation of financial reports, including TTUM. These reports provided valuable insights into cash flow and financial performance, facilitating improved decision-making for EPS's client banks. Dashboards and visualization tools allow stakeholders to monitor reconciliation status in real-time, while robust logging and monitoring capabilities ensure transparency and compliance with regulatory standards. The solution also emphasizes scalability and security, enabling EPS to accommodate future growth and protect sensitive financial data. By automating scheduling and monitoring tasks, the platform streamlines operations further and reduces dependency on manual oversight. As a result, EPS can enhance its service delivery, reduce operational costs, and offer a reliable, risk-averse reconciliation process to its clients.
This implementation not only resolves the existing inefficiencies but also equipped EPS with a sustainable solution for long-term success.
Result
The solution improved efficiency. Automated reconciliation reduced manual effort and time spent on the process.
Enhanced Accuracy: The platform minimised errors and inconsistencies in transaction matching.
Enhanced Risk Management: Real-time monitoring of exceptions and anomalies helped identify potential fraud or irregularities.
Better Decision Making: Access to accurate and timely financial data enabled informed decision-making.
Cost Savings: Reduced operational costs associated with manual reconciliation and error correction.
