07 Sep FSS Launches Next Gen Recon
Financial Software and Systems a global payment products provider and processor, has introduced critical increments to its market-leading Smart Recon platform. The new system will leverage ML and automate manually intensive processes and improve the speed, accuracy, and the reliability of the payment reconciliation process.
FSS Smart Recon provides an end-to-end, automated solution for reconciliation management across
payment workflows, with built in support for complex, multi-source, multi-file many-to-many
reconciliation scenarios. The notable enhancements include:
• Machine learning-based settlement process for improved speed and accuracy.
• Universal Data Wizard and enhancements to General Ledger Tally for improved time to
market
• Cloud-enablement for improved scale and cost efficiency
Collectively the enhancements provide a 40% improvement in time to market for greenfield
implementations, a sizable 30% improvement in reconciliation time cycles, and an overall 25%
reduction in direct costs as compared to partially automated processes.
Speaking on the developments, Krishnan Srinivasan, Global Chief Revenue Officer FSS, stated: “FSS
is a leader in the payment reconciliation space, with 25+ deployments globally. Our Smart Recon
solution has been deployed by Tier One banks, neo banks, MNOs and merchant aggregators. Across
segments and markets, we are seeing a significant demand for modernisation of back-office
operations. Customers are increasingly pivoting away from in-house payment reconciliation systems
with semi-automated processes towards service-based contracts backed by new-age technology
platforms.”
Speaking on the new increments, Sathish N, Dy CPO, FSS stated: “Payment reconciliations have
become exceedingly complex and simplicity and speed is crucial for banks and financial institutions in
the wake of an ever-increasing influx of transaction data. With our continuous innovation-led model
and investment on right technology like Machine learning, AI and cloud computing, banks and financial
institutions will benefit from flexible and scalable processes and improved speed and accuracy of
reconciliation.”
FSS Smart Recon deploys advanced unsupervised Machine Learning (ML), algorithms for settlement
accelerating the reconciliation cycle by dynamically identifying potential discrepancies at source.
Algorithm-based settlement processes allow new components to be detected within seconds,
lowering process latency, and saving 80% time in performing resolution actions.
FSS Universal Data Wizard catapults time to market for new implementations by 40%. Across
deployments, the initial process of configuring proprietary Core Banking and the Switch file formats is
the lengthiest step in the implementation cycle. Data Wizard maintains a meta-repository of Switch
Page 2 of 2 and Host file formatsfor reuse across deployments,saving time and costs on implementation projects.
To further optimize implementation cycle time, FSS Smart Recon has enhanced its critical General
Ledger Tally process to support a generic framework for automation of closing balances between
General Ledger and Core Banking systems.
FSS Smart Recon functionality can be accessed from the Oracle cloud providing greater deployment
flexibility to customers. The availability via a cloud platform transforms the economics of ownership
for financial institutions and neo-banks and customers wishing to migrate from legacy systems, in
particular
Deployed by globally leading banks and payment processors, FSS Smart Recon is a unified system for
reconciling digital payments and incorporates data import, transformation and enrichment, data
matching, exception management and timely reporting and analytics. The solution supports a wide
diversity of payment classes – ATM Recon, Online Commerce, Wallets, Instant Payments (IMPS and
UPI), NEFT, RTGS and QR Code Payments — with built-in flexibility to rapidly onboard new payment
channels and scheme-based payments.