Using the knowledge from our previous data analytics payment reconciliation models, our team was brought in to assist a client with the implementation of ReconArt, a third party automated reconciliation software solution. The ReconArt implementation involved the configuration of 50+ active bank accounts, 10+ payment processors, and 20+ unique data file structures in conjunction with 1million+ transactions per month.
This system implementation was a daunting task for the original two-person team. To keep pace with the fast growing company’s business needs, we joined the team to build and test the import and reconciliation logic, backfill historical data, and test automated feeds for both existing and new processors soon to be activated. Data integrity issues that were identified at this stage were communicated to the engineering team and external payment processors and resolved to improve the flow of data between all departments.
Using only external processor files, the team was able to successfully map the reconciling data, and configure the system to automate daily data imports and reconcile on a daily basis. Tasked with the bulk of building groundwork in our hands, the client’s team had the available bandwidth to focus on more crucial tasks, such as ERP integration, transactional exceptions, and data error handling. With more resources allocated to exception handling, data issues were caught and resolved in just a matter of days. Previously, the client would detect data issues, such as incomplete data and inconsistent data formats, months after they occurred.