India-based global payment processor Financial Software and Systems (FSS) is leveraging machine learning (ML) and cloud to automate the payment reconciliation process.

FSS is adding enhancements to its Smart Recon platform, which provides an end-to-end, automated solution for reconciliation management across payment workflows.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The enhancements include an ML-based settlement process, Universal Data Wizard and General Ledger Tally, and Cloud-enablement.

These increments will improve the speed, accuracy, and reliability of the payment reconciliation process, the company claims.

They will collectively deliver a 40% improvement in time-to-market, a 30% improvement in reconciliation time cycles, and a 25% reduction in direct costs.

FSS global CRO Krishnan Srinivasan said: “Our Smart Recon solution has been deployed by Tier One banks, neo banks, MNOs and merchant aggregators.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Across segments and markets, we are seeing significant demand for modernization 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.”

FSS deputy CPO Sathish N said: “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.”

The ML-based settlement process run by FSS Smart Recon will help to identify potential discrepancies at the source and provide a resolution in 80% less time.

The FSS Universal Data Wizard brings down the time to implement new products by 40%. General Ledger Tally solution will further optimize the implementation cycle time.

Customers can access the FSS Smart Recon platform from the Oracle cloud.

The platform supports ATM, e-commerce, wallets, IMPS and UPI instant payments, NEFT, RTGS, and QR Code payments.