The power of automated payment reconciliation for operational efficiency

Payment reconciliation is often a time-consuming and error-prone task - whether dealing with small-scale cash transactions or cross-referencing data across multiple systems. In this blog article, we explore how open-banking payment providers such as Yaspa can help drive an automated payment reconciliation process to be smoother and more efficient.

What is payment reconciliation?

Payment reconciliation is the process of comparing transactions and activities with supporting documentation to validate the accuracy of financial information and stay on top of payments and expenditure.

It’s a time consuming but vital procedure for every business. Without regular payments reconciliation a business may lose sight of key indicators that could indicate risks around cashflow, profitability - and even fraud.

Benefits of automated payment reconciliation

To a great extent, however, it’s a monotonous process, so the more reconciliation can be automated the better. Such systems offer numerous benefits, optimising financial processes, and providing real-time results for faster decision-making and month-end closing. They can minimise errors, reduce discrepancies, enhance fraud prevention, and ensure compliance through vendor verification and global regulation screening. Automated payment reconciliation solutions can quickly identify rejected payments for timely corrections and provide comprehensive tax reports and payment insights - delivering financial accuracy, operational efficiency, and regulatory adherence.

How Yaspa enhances payment reconciliation

A key component of conducting robust reconciliation is access to up-to-date data about your business’ payments - both inbound and outbound. By integrating an open-banking payments provider such as Yaspa into your business processes, you get immediate transparency into your money flows. Benefits include:

1. Status updates

Yaspa provides real-time status updates and stages of transactions from ‘initiated’ to ‘accepted’ and ‘completed’ as part of our payment outcomes response. This enables merchants to instantly provide a payment outcome to their customers, understand any points of failure around particular banks or processes, and thus ensure a clear and smooth user flow.

2. Money management

Merchants can initiate refunds and withdrawals from the Yaspa dashboard as well as sweep money into their primary banking account. Balance and transaction information can be extracted as a CSV file for further analysis. By using such tools for financial categorisation and analysis, businesses can keep their finances tightly and transparently managed.

3. Usability

The Yaspa dashboard offers a user-friendly interface, ensuring easy access to payment information and details. Merchants can manage account information from our dashboard or via automated processes through the API. Built-in user access management (UAM) levels ensure staff see only the data that’s necessary for them to do their job, keeping the process simple and secure.

Yaspa: an open banking payment solution

All these benefits can be achieved by adding Yaspa as a cardless payment option at your checkout or payment environment. Integration is quick, and Yaspa can be used by any consumer who banks online across both the UK and Europe.*

Try it yourself here and for a full demo or to talk to us about the options, contact us here.

  • European availability grows weekly as access to the open banking capabilities of local banks is opened up.

Press release: Yaspa launches landmark Casino Lugano integration