How a full Reconciliation solution could help payment players go global
(Thomson Reuters ONE) -
Clive Williams, expert point of view on full reconciliation solutions for
international expansion
As a merchant, marketplace, payment service provider or payment gateway, when
swamped with invoices, files, bank statements, settlement documents from
different sources, financial information outputs from multiple 3(rd) party
vendors and suppliers, etc., it's a real headache to reconcile these easily. Add
to this the complexity of International payments and multiple currencies. The
files from these different regions, which need to meet the requirements of
diversified markets, will be even more complex.
To solve this labour-intensive and time-consuming issue, automated and full
reconciliation services emerge as the solution, to organise and unify all the
transaction data.
Keep on one page - all the transactional and financial flows
It's significant and useful for the retailers and PSPs to check the financial
flows and understand the transactions in 'real-time', however, the widely-used
manual and complicated reconciliation methods cannot meet such demands these
day.
On the contrary, 'fully-automated' reconciliation technology could help
operational and accounting staff to acquire a complete status and assist them to
follow up all the payment flows in a secure and accurate manner - like
chargebacks, refunds, unpaid invoices, etc. More importantly, with no impact on
the transactions and transfers at all, meanwhile saving labour force effort and
obtaining the payment details simply and quickly.
Consolidated full reporting
As well as following up all the information rapidly in 'real-time', periodical
reports also play an important role for the retailers and PSPs. However, across
different markets, banks, numerous files and across multiple payment methods,
it's quite difficult to produce a combined report containing all the relevant
data.
To remove these difficulties, a 'fully-automated' reconciliation solution will
help retailers and PSPs generate the consolidated reports quickly and simply,
delivering one unified structured report with all transactional and financial
flow details.
In addition, as a useful tool for online retailers to view all financial
information, the consolidated reconciliation full report is compliant with
multiple alternative payment methods, credit card payments, bank settlements,
etc. convenient to search and review.
Necessary for tracking transactions across different regions
According to a latest reports; conducted by Nielsen, regarding consumer behavior
in the last 6 months, penetration of International online shopping consumption
is increasingly higher in Europe, like Italy (79% consumers have done cross-
border online shopping in the last 6 month), Germany (73%), and France (59%).
Worldwide, the percentage reaches 57%. We can see huge opportunities in
worldwide cross-border sales.
However, to deal with and gather all the transactional details from global banks
with consolidated reporting is challenging for all organisations in payment
realm, especially considering different processing and regulations in various
markets. Fortunately, Limonetik's 'programmatic' full reconciliation service
provides a technical solution that works in a cross-border environment, taking
multiple settlement, financial flow and payment processing data into account, a
'must' for International players.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Limonetik via GlobeNewswire
[HUG#2001874]
Unternehmensinformation / Kurzprofil:
Datum: 08.04.2016 - 08:31 Uhr
Sprache: Deutsch
News-ID 462764
Anzahl Zeichen: 4255
contact information:
Town:
Paris
Kategorie:
Business News
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"How a full Reconciliation solution could help payment players go global"
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