FSS (Financial Software and Systems) has introduced upgrades to its market-leading Smart Recon platform. The new system will be leveraging Machine Learning and automate manually intensive processes in a bid to improve the speed, accuracy, and the reliability of the payment reconciliation process.
FSS Smart Recon offers an end-to-end, automated solution for settlement management across payment workflows, with built in support pertaining to complex, multi-source, multi-file many-to-many reconciliation scenarios.
According to FSS, these collective enhancements will be providing a 40% improvement in time to market for greenfield implementations, a sizable 30% betterment in reconciliation time cycles, and an overall 25% lessening in direct costs as compared to partially automated processes.
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.”
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.”