Global payments technology company FSS has successfully implemented its Reconciliation Suite solution at Airtel Payments Bank, a unit of Indian telecom giant Bharti Airtel. FSS Reconciliation Suite will provide an integrated solution that will enable Airtel Payments Bank to automate the reconciliation process across payment channels.
With an ever-growing volume of payment transactions in the order of millions each day and introduction of newer payment channels, typically multiple entities are involved in transaction processing, with each system maintaining a record of the transaction. This can result in discrepancies in transaction records across different systems. For instance, the payee account could be debited but the payer account may not be credited due to a technical failure. FSS Reconciliation Suite accurately unmasks accounting discrepancies during the reconciliation process, FSS said in a statement.
The proactive and on-time identification of such exceptions can help resolve the issue much before a customer contacts the call centre. It will also help reduce dispute volumes and improves customer service levels.
“We are delighted to partner with Airtel Payments Bank, the first payments bank in the country, for our Reconciliation Suite solution. Our integrated offering streamlines critical reconciliation processes and provides a solid foundation for optimising business efficiency and risk controls as well as minimising customer disputes,” said Suresh Rajagopalan, President Retail Payments, FSS.
FSS Reconciliation Suite is an end-to-end solution incorporating data import, transformation and enrichment, data matching, exception management and timely reporting and analytics. The solution supports a wide diversity of payment classes – Instant Payments (IMPS and UPI), NEFT, RTGS, AEPS, Bharat Bill Payment Systems, Bharat QR Codes and QR Code Payments — with built-in flexibility to rapidly onboard new reconciliation processes for multiple payment channels and scheme-based payments.