In any financial solution, transparency of transaction data and knowing what is happening in the operation are key to business continuity. When your company is going to be audited, it is essential that you have previously carried out an exhaustive management control. Your accounting balance should be exactly as your bank account to avoid losing control over your cash flow. Even more, if the operation involves payments in multiple countries, in multiple currencies and/or for multiple stakeholders.
There are two ways to deal with this process: that your Accounting department do it manually (which is risky due to the human errors that can be generated in manual process and it is also inefficient in terms of resources and time), or do it quickly and safely thanks to automation tools such as those provided by Inswitch on its fintech-as-a-service platform. In this article, we'll explain how Inswitch's platform tools for reconciliation and settlement will streamline the management of your financial solution, and improve your payment collections.
Rely on visual dashboards to automatically reconcile your transactions
All the information of the transactions that occur within the Inswitch embedded finance platform is available in real time through its Business Portal tool, powered by Google Looker. Each transaction can be viewed through multiple and flexible reports that allow you to quickly understand how the business is operating and take actions. In addition, this Business Portal allows you to download the information in .csv files, or access through our APIs whether to use it in a data warehouse or data lake and thus create new reports from real data. You can also schedule the sending of automatic reports for multiple areas of your company (finance, accounting, product , etc.).
The advantages of automation in payment settlements
When a settlement process occurs or a payment process is processed, the Inswitch platform will send you an email including:
This process is automatic, transparent and simple, helping to keep finances in order and avoid manual processing times and non-productive repetitive tasks. Our multiple automated review processes ensure that the settlements are correct. Due to our continuous improvement process, we are constantly iterating to optimize the processes with focus on reducing time and contributing to your business with all our know-how of more than 15 years of experience in the payments industry with big companies as customers.
Inswitch also has multiple anti-fraud tools that improve security and increase the success rate of transactions. Thus, the user experience is improved and the rate of payment fraud is reduced.
Inswitch works to improve each of your business processes, reinforcing transparency, automating processes and accounting controls, providing tools for finance executives and giving complete visibility of the entire business flow, transaction by transaction.
Learn how our embedded finance platform and fintech solutions will grow your business. Schedule a call or contact us through our website to talk with our team and find the fintech solution that best suits your needs or business plan.
With the increasing adoption of embedded finance, more and more companies in the world look to increase their capabilities in new markets for their financial transactions.
The alliance has the objective of promoting and expanding the offer of payment methods for businesses that use VTEX.