Lower your operational costs by automating payment reconciliation

What is payment reconciliation?

What is a typical payment reconciliation process?

  1. Document data extraction is the collection of all necessary documents (e.g. monthly statements). Usually, these documents come from different sources in a myriad different forms, and simply just pulling them together can be a time-consuming process in itself.
  2. 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.
  3. Reconciliation is the main stage where mismatched data is investigated.
  4. Finalisation — where the results are reviewed and checked.

Payment reconciliation with Citizen PayBlox

How Citizen helps with payment reconciliation

  • Information — The Citizen PayBlox API allows you to add metadata, such as payment references and product codes, to your payments to help make reconciliation easier.
  • 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 enables instant, cardless, account-to-account payments via their payment solution platform, PayBlox. https://paywithcitizen.com

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Citizen

Citizen

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

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