Lower your operational costs by automating payment reconciliation

What is payment reconciliation?

Payment reconciliation is “the process of comparing transactions and activity to supporting documentation”. The purpose of reconciliation is to check the accuracy and validity of financial information and stay on top of expenditures and inflow.

What is a typical payment reconciliation process?

A typical reconciliation process has four main steps: Document Data Extraction, Comparing, Reconciliation, and Finalisation.

  1. Comparing the data between transaction statements and documents. Data that is mismatched then has to be manually reconciled (stage 3). There can be many reasons for errors, from incorrectly inputted reference data or time lags between expected transaction dates to unexpected fees and charges which alter the values of specific sums.
  2. Reconciliation is the main stage where mismatched data is investigated.
  3. Finalisation — where the results are reviewed and checked.

Payment reconciliation with Citizen PayBlox

Citizen’s PayBlox is a modular fintech platform that gives you the technology for secure, instant payments and a great customer experience. PayBlox is easily and quickly integrated with your business — and your existing bank accounts — and we provide you with fully tested end-to-end UX optimisation to ensure you have a payment experience worthy of your brand.

How Citizen helps with payment reconciliation

Use the PayBlox dashboard to find organised and tracked data-rich payments from verified customer accounts, automate your reconciliation and push automatic payment updates.

  • Reporting — You can access detailed transaction and summary reports through the PayBlox dashboard, allowing you to match your payment records to accounting statement entries all in one place instead of having to compare one payment system with your separate business account.
  • Automatic updates — We offer automatic, configurable push notifications via webhooks to ensure your data is updated in your existing systems/workflows as a payment’s status changes.

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Citizen

Citizen

Citizen enables instant, cardless, account-to-account payments via their payment solution platform, PayBlox. https://paywithcitizen.com