The Internet has made it far easier to transact within a domestic as well as in international markets. A plethora of payment intermediaries like aggregators and gateways have extended the payment rails across the world. Users now can confidently send even micro payments to far flung areas of the world without worrying too much about the friction charges.
Reconciliation is a critical process for payment processing and infrastructure companies. As these companies facilitate payments across different currencies, jurisdictions, and financial systems, they face unique challenges in reconciling their transactions. For instance, payment gateways often work with numerous payment partners, each with their own reporting formats, settlement cycles, and transaction data. Reconciling payments across these partners becomes complex and time-consuming, requiring extensive manual effort to match and consolidate transaction records. Cross-border payments involve currency conversion, which adds an additional layer of complexity to the reconciliation process. Most of these entities process large volumes of transactions, resulting in massive data files. Reconciling such files manually is not only inefficient and time-consuming but also is quite prone to errors.
Kosh.ai removes the complexity by completely automating the finance operations and reconciliation processes. The Kosh platform can ingest and process any amount of data from any source, significantly cutting man hours and driving cost savings and productivity. The platform can manage complex settlement processes, multiple currencies, different time zones, reversals, chargebacks, etc. The platform can enhance accuracy and error reporting. The platform can also generate custom reports to meet the needs of different hierarchical levels.
By holistically automating the processes, Kosh.ai can cut the cycle time by 99% and cost by 65% while ensuring 100% accuracy. The product automates all the finance operations and reconciliation process unlocking major bottlenecks in the systems.
