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Fintech reduces 75% in time spent on data reconciliation

Learn how a digital payment institution achieved this result with Dattos automated reconciliation

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The fintech segment

Fintechs are technology companies that have some type of activity focused on the financial market. The fronts can be diverse, such as investments, insurance, payments, loans, accounting, financial management, etc.

In the case of a fintech that acts as a digital payment institution, for example, the nature of the services provided involves a large volume of data generated daily, due to the processing of payments for different companies.

That is, there are thousands of financial transactions through the most varied payment methods, such as credit card, debit card, bank slip, transfers and mobile payments. All of this data needs to be reconciled efficiently and accurately to ensure the company’s financial health.

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The Customer’s Goal

The main objective of a company in this field that sought Dattos with this type of scenario was the financial reconciliation of large volumes of data happening manually.

This generated a significantly time-consuming process, with the team being overloaded due to the demand for work exceeding their working hours, the need for overtime on the part of these professionals, in addition to greater susceptibility to errors and inconsistencies.

The repetitive and manual execution of reconciliations through spreadsheets led to the omission of data, typing errors and lack of support history to prove the transactions.

The Challenges

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Data volume and diversity

The high volume of transactions and the diversity of data sources made reconciliation difficult, leading to inconsistencies and errors, requiring robust solutions to handle this complex data.

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Real-time vs. Deferred time

With growing expectations for real-time transactions, reconciliation needed to be fast and accurate, regardless of the type of transaction, representing an urgent need.

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Dispute management

The process of managing chargebacks and disputes was time-consuming and resource-intensive, making the need for an efficient approach all the more important.

Our Solution

Dattos solved the challenges of this digital payment institution with our complete and advanced automated data reconciliation platform. In the Reconciliation Management system, the fintech was able to completely replace its manual reconciliation processes with an automated, robust, efficient and reliable system.

The platform enabled a gain in agility in the reconciliation process, drastically reducing the time needed to complete tasks, burdening team professionals less with repetitive manual activities and enabling the company to have more time for more value-added tasks.

All this with the confidence that the data is correct, eliminating the chances of human error and ensuring amore strategic action on financial inconsistencies.

The Results

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Reduction of more than 75% in the time of all conciliation processes

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Elimination of operating expenses due to rework

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Real-time reconciliations with secure and fast results

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