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What is Reconciliation in Payments

Clearly Payments

In payments and finance, one of the most important activities that businesses perform is reconciliation. While it may sound like a complex term, reconciliation is simply the process of making sure that two sets of financial records match. What is Reconciliation? At its core, reconciliation is a comparison process.

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Blink Payment Enters B2B Fashion Payments with Zedonk Partnership

Fintech Finance

Bank transfer also typically results in a cumbersome manual payment reconciliation process for brands: according to PwC, on average 30% of a finance team’s time is spent on manual reconciliation, with error rates between 0.8%

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BSP Streamlines Reconciliation Process With SmartStream

Fintech Finance

In a move to enhance operational efficiency, BSP has embraced BSP reconciliation automation through its partnership with SmartStream. This implementation marks a major milestone in BSP reconciliation automation, allowing the bank to improve accuracy and reduce manual intervention.

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FOMO Pay Adds Vietnam to Cross-Border Network with Launch of VND Accounts

Fintech News

The introduction of VND accounts aims to support cross-border transactions involving Vietnam by potentially speeding up settlement, simplifying payment reconciliation, and improving cash flow management for businesses operating internationally.

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AutoRek Unveils Reconciliation and Data Management Solution for Crypto, AutoRek Mion

Finovate

Automated reconciliation and financial controls company AutoRek recently unveiled its AutoRek Mion platform. AutoRek Mion provides data management and reconciliation capabilities for cryptocurrency and digital asset operations at a time when adoption of these assets is growing rapidly. Chris Livesey is CEO.

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Ageras Announces Full Acquisition of Payment Reconciliation Software Company, Storebuddy

Fintech Finance

The post Ageras Announces Full Acquisition of Payment Reconciliation Software Company, Storebuddy appeared first on FF News | Fintech Finance.

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Accelerating All Stages of the Insurance Process: Edenred Payment Solutions Launches VCN Product

The Fintech Times

“By simplifying reconciliation, improving security, and tailoring card usage to specific claims, virtual cards deliver significant benefits for both insurers and their customers. It will automate the reconciliation of invoices with claim payouts, and reduce paperwork and delays.