Chennai, Payments technology company Financial Software and Systems (FSS) on Wednesday said it has implemented its reconciliation suite of solutions at Airtel Payments Bank.
In a statement issued here, FSS said its reconciliation suite of provides an integrated solution that enables 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, it said, adding that 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, it said.
“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,” Suresh Rajagopalan, President, Retail Payments, FSS was quoted as saying in the statement.