Features

ReconAssist™ ensures precise financial payment tracking for most financial transactions. Our golden feature, the Fees & Commission Calculator enables accurate reporting and automated posting and settlement instructions. Additional configuration requirements are available on request.

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Exception Handling

ReconAssist distinguishes itself from other reconciliation tools through its powerful exception workflow management characteristics, they are:

1. Identification of Unreconciled Transactions:

ReconAssist has the ability to identify transactions that have not been reconciled due to various reasons. This is a crucial feature as it helps in recognizing discrepancies or issues in the reconciliation process.

2. Prompt Highlighting for Review:

When ReconAssist identifies unreconciled transactions, it promptly brings them to the attention of a clerk or manager for review. This ensures that discrepancies or issues are addressed in a timely manner.

3. Automatic Resolution of Self-Rectifying Issues:

In cases where the discrepancy or issue resolves itself within a short period, typically within a couple of days, ReconAssist is designed to automatically resolve the exception. This means that the system can recognize when a transaction that initially appeared problematic has actually reconciled and can mark it as such without manual intervention.

4. Reduction in Manual Monitoring:

By automatically resolving self-rectifying exceptions, ReconAssist reduces the need for manual monitoring and correction of transactions. This is a significant advantage as it saves time and resources that would otherwise be spent on continuously monitoring and manually handling exceptions.

In summary, ReconAssist’s ability to identify, prompt review, and automatically resolve self-rectifying exceptions in the reconciliation process sets it apart by streamlining and simplifying the reconciliation workflow, ultimately saving time and resources for the organization.

Quick & Easy Services Configuration

ReconAssist operates by consolidating multiple payment systems within a unified ecosystem, where it systematically identifies expected data and detects any missing or erroneous information. This process is referred to as continuous data systems reconciliation. The latest iteration of ReconAssist, known as generation-2 software, has been carefully designed to facilitate effortless and smooth integration with interfaces provided by third-party service providers.

Thanks to our extensive experience gained from serving South Africa’s largest retailers over several years, we’ve come to understand the importance of rapid and cost-effective onboarding for new services. For services already integrated and available in our library, we provide them at no cost. However, for new services, our Products Support Team takes priority in facilitating their integration into our environment, again at no additional cost unless there are unique environment complexities.

Our services encompass a wide spectrum, spanning from distinctive Value Added Service (VAS) providers specific to the South African landscape to seamless integrations with popular ERPs such as SAP and various payment service providers. Additionally, we have established integrations with all four major acquirers in South Africa.

Powerful Automatic Algorithm Matching

ReconAssist’s core foundation and operational capabilities are orchestrated through our GTM (General Transaction Model) engine. This enables us to effortlessly collect diverse data points and subsequently create both simple and complex algorithms. This automated and continuous process is dedicated to seamlessly aligning data sources, identifying anomalies, and addressing exceptions. Traditionally, this meticulous task would require manual spreadsheet manipulation, incorporating complex and potentially error-prone macros. However, our accomplished success team configures the system to harmonize multiple data points using a shared GUID or matching key. Usually, this is achieved through the configuration of data matching criteria, which can take the form of one-to-many or many-to-many configurations.

Once this configuration is in place, your teams can confidently rely on ReconAssist to consistently handle the intricate tasks, streamlining your operations.

Adjustments and Postings to GL

ReconAssist consistently collects and standardizes your data, providing your clerks with the flexibility to make adjustments. These adjustments can be made either automatically based on predefined rules or through manual intervention. Many of our clients have expressed the need for these adjustments to seamlessly integrate with their ERP systems, such as Microsoft Dynamics or SAP. This integration ensures that your accounting system remains nearly real-time and up-to-date. It reflects accurately in your General Ledger (GL), maintains precision in your suspense accounts, and ultimately contributes to the overall financial integrity of your payment ecosystem. Consequently, your financial ecosystem is just a day away from undergoing a comprehensive audit. It’s worth noting that we take pride in our role in assisting larger retailers in achieving smooth and effortless audits.

Exception Management Dashboards and Reporting

Effortlessly explore and resolve exception data interactively using our intuitive summary dashboards. You can visualize data at the head office level, drill down into teams, regions, or even specific legal entities, and ultimately access per-transaction exception reports with ease.

ReconAssist simplifies the process by consolidating transactions from multiple service providers and acquirers, managing all intricate tasks to deliver your data in user-friendly dashboard reports. Users can save personalized reports tailored to their exact requirements, enhancing time management and efficiency. ReconAssist provides standardized reporting options for Lite, Professional, and Enterprise tiers. For Enterprise clients in need of customized reports, we offer a request-based service with charges determined by time and resource allocation, guided by a Business Requirement Document (BRD) process.

Fees & Commissions Calculator

In the digital realm, every transaction, whether it involves selling airtime, making a standard card payment, or any digital exchange, often entails multiple parties either owing you a transaction fee or requiring payment from you. The challenge lies in the difficulty of meticulously tracking each payment split among various service providers such as acquirers and Value Added Service (VAS) providers.

ReconAssist resolves this issue by harnessing a potent rules engine for fees and commissions. It meticulously calculates each transaction, categorizing them into receivables (money owed to you) and payables (money you need to remit). ReconAssist presents this information to your financial control team through a user-friendly dashboard and provides transaction-level reports.

With this module, you gain a single, reliable source of truth and concrete evidence regarding what you are owed versus what you owe. Complexity is reduced, potential revenue leakage is minimized, and you gain the ability to rectify transactions or negotiate more favorable rates with confidence.

24/7 Monitoring/Support and Success Team Management

Benefiting from our extensive expertise within the realm of Switching and Online Payments, we have established a top-tier, round-the-clock monitoring system encompassing our entire product range. This empowers us to detect issues before they surface on your radar and take proactive measures to address them, pre-empting any potential business disruptions.

What sets us apart from competitors is our distinctive approach of seamlessly managing all intricacies behind the scenes, allowing you to focus on your core operations.

Transactional Scaling

Originating from the South African retail giants, our roots have endowed us with a profound comprehension of hosting, particularly the intricate art of scaling in relation to substantial transaction volumes. Leveraging this expertise, we have extended our capabilities beyond Enterprise-grade requirements to ensure that businesses of varying sizes, ranging from Medium to Large, can access comparable scaling abilities and premium service quality.