Revolutionize Fintech Operations with Automated Reconciliation
Simplify payment processing, refund management, and multi-currency transactions with unparalleled accuracy and speed.
Fintech Industry
Fintech companies process massive volumes of financial transactions every second. Managing these involves reconciling payments, refunds, and chargebacks across multiple channels, currencies, and payment gateways.
Manual reconciliation in such a dynamic environment leads to inefficiencies, errors, and unnecessary costs.
Cointab’s automated reconciliation software eliminates these challenges, offering precise, scalable, and audit-ready solutions to empower Fintech businesses to grow without limits.
Industry Challenges for Fintech Companies
High Volume of Microtransactions
Millions of small-value payments across platforms require real-time accuracy and error-free reporting.
Multi-Gateway and Multi-Currency Complexity
Reconciling payments across various gateways and currencies creates significant operational challenges.
Refunds and Chargebacks
High refund rates or disputed transactions can lead to major reconciliation inefficiencies.
Scalability During Surges
Transaction peaks during events or promotions make manual reconciliation unmanageable.
Compliance and Auditing
Global regulations demand precise, audit-ready financial reporting to ensure compliance.
How Cointab Helps the Fintech Industry
Cointab simplifies and automates financial reconciliation for Fintech businesses, addressing the industry’s key challenges:
Problem
Manual tracking of payments
Multi-currency payment reconciliation
Refund and chargeback complexities
Gateway discrepancies
Transaction spikes during events
With Cointab
Automated reconciliation in hours. No delays or errors.
Global support for all currencies and gateways.
99% accurate tracking and reporting of refunds and disputes.
Automated matching across gateways for instant error detection.
Seamlessly scales to handle millions of transactions.
Cointab’s Features for Fintech Companies
-
Multi-Gateway Reconciliation:
Automatically reconcile payments across payment gateways, banks, and financial platforms. -
Refund and Chargeback Management:
Automate refund tracking and chargeback resolutions with unmatched accuracy. -
Custom Reporting:
Generate audit-ready, comprehensive reports tailored for global compliance. -
Global Payment and Currency Support:
Reconcile transactions in any currency across borders. -
Real-Time Error Identification:
Instantly detect and flag discrepancies in payment data. -
API and ERP Integration:
Seamlessly connect with your existing platforms for end-to-end financial process automation.
Why Automation is Critical for Fintech?
Explosive Growth in Fintech
The global Fintech market is expected to reach $698 billion by 2030 as per Allied Market Research, driving massive transaction growth.
Manual Reconciliation is Costly
PwC estimates that manual reconciliation costs businesses up to $25,000 annually in lost efficiency
Cross-Border Payment Complexities
A World Bank study found that cross-border payments account for 40% of disputes in financial services due to inconsistent data.
Fraudulent Transactions
The Nilson Report highlights that financial fraud costs $32 billion annually, underscoring the need for robust reconciliation processes.
Benefits of Using Cointab in Fintech
For Finance Teams:
- Save over 400 hours/month by automating payment reconciliation.
- Reduce manual errors by 95%, ensuring accurate financial reports.
For Fintech Companies:
- Deliver audit-ready global reports to comply with financial regulations.
- Seamlessly scale operations during transaction surges.
For Customers:
- Gain real-time updates on transaction statuses, refunds, and chargebacks.
- Enhance trust with seamless, transparent financial processes.
Real-Life Use Case:
How Cointab Helped a Global Payments Processor
The Problem
- A global payment gateway managing over 2 million transactions daily struggled with multi-gateway discrepancies, refunds, and scaling reconciliation processes during events.
The Solution
- Implemented Cointab’s automated reconciliation software.
- Integrated with over 10 payment gateways to automate reconciliation and reporting.
The Results
- Reduced manual effort by 85%.
- Achieved 99% accuracy in refund and chargeback tracking.
- Scaled to process 5x transaction volume during seasonal spikes.