USE CASEBanking

Streamlining Payment and Account Reconciliation with AI and Automation

Financial institutions reconcile large volumes of transaction data across payment platforms, customer accounts, external services, and accounting systems.

When amounts, dates, transaction references, or other details do not match, employees must review related information and identify the cause of the discrepancy.

AI and automation can process routine reconciliations and help employees manage exceptions that require further investigation.

01Challenge

Identifying the Cause of Discrepancies Across Large Transaction Volumes Takes Time

Differences in data formats, processing times, and transaction reference structures can prevent records from being matched through simple rules.

Employees may need to review several screens and files and compare transaction details manually.

If unresolved transactions accumulate, they may affect financial close and reporting operations.

02Solution

Automatically Reconcile Transactions and Present Exceptions for Review

Automation can retrieve transaction and accounting data from multiple systems and compare records using transaction references, amounts, dates, and account information.

AI can account for differences in notation and processing time and associate records that are likely to represent the same transaction.

For example, the following workflow can be established:

  1. 1Transaction Data Collection
  2. 2Data Standardization
  3. 3Automated Reconciliation
  4. 4Discrepancy and Unresolved Transaction Identification
  5. 5Staff Review
  6. 6Result Update and Record Storage

The scope of automatic processing and the cases requiring employee review can be configured according to transaction value and risk.

03Use Cases

Potential Applications

  • Reconciling payment data with account transactions
  • Reconciling transaction systems with accounting systems
  • Automatically matching incoming and outgoing payments
  • Identifying unresolved and unreconciled transactions
  • Detecting fee and amount discrepancies
  • Classifying the causes of transaction exceptions
  • Automating review requests to responsible departments
  • Creating reconciliation and response-history reports

04Expected Benefits

Enable Employees to Focus on Exceptions Requiring Judgment

Automating routine transaction matching allows employees to focus on discrepancies, high-value transactions, and other cases requiring investigation.

Centralized management of reconciliation rules and response histories can also accelerate financial close and improve operational accuracy.

Robo Lab uses AI, data integration, and process automation to support payment and account reconciliation for financial institutions.

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