At a time when data volumes are surging exponentially, Kani’s automated reconciliation and reporting platform, which has reconciled over €5 billion in processed payments volume to-date, offers Fintechs the ability to simplify their data reporting and reconciliation processes – processes which are business critical to any growing Fintech or payments company.
Payments and fintech companies often have multiple processor relationships, card scheme relationships and issuing relationships. With so much data originating from multiple third parties and in different formats, it can be arduous for companies to interpret and understand that data. Raw data is even more difficult to clean up, parse, reconcile and turn into actionable reports for various entities and business processes. Considering typical data requirements and compliance obligations to regulators and payment schemes, these reports would take weeks to complete if done manually.
Kani are now integrated with many of the world’s payments data processors – this, combined with their data and processor-agnostic approach, and the fact that Kani can easily and quickly ingest data from the multiple processors, banks and BIN sponsors that payment and fintech companies work with, makes onboarding and working with Kani fast and efficient. Raw data files in different formats can be imported and reconciled in just a few minutes, and parsed into much more understandable reports.
“At Kani, we do all the heavy lifting for businesses, which means they can spend more time focusing on building good fintech products. By offering ready-to-go integrations, we can simplify and streamline reporting and reconciliation for our customers, including a speedy onboarding process,” says Aaron Holmes, Founder and CEO at Kani Payments.
“We save businesses huge amounts of staff time by reducing complexity, helping them meet tight deadlines. They don’t have to spend valuable time and resources trying to work out discrepancies in data flows. In many cases, Kani’s reporting and reconciliation platform can complete large-scale reconciliations in just a few minutes.”
With accelerated reporting and reconciliation capability, Kani empowers businesses with vastly expanded data overviews, helping them to benchmark their performance with actionable business intelligence insights to launch new services.
Payment companies, for example, can see what portion of transactions are approved versus declined, or where cardholder spending is concentrated in different locations or merchant categories. Clients can access data through Kani’s easy-to-use dashboard, helping them to visualise transaction heat maps or other parameters.
For new fintech and payment start-ups, Kani’s platform is the ideal out-of-the-box solution. Companies that have moved out of start-up phase and are scaling up can be overwhelmed by the sheer volume and complexity of data they’re now dealing with, making it much more difficult to get the insights they need. By working with several processor data flows, Kani can advise on how files should be formatted and how best they can be delivered to ensure clients get the maximum value from their data.
Holmes says: “Other reconciliation reporting providers don’t have the in-depth support layer that we provide to businesses. Clients get that we speak their language right from the start, and know what outcomes they’re looking for.”
Kani’s system validates the processor’s work, thereby assuring clients that everything is being reported correctly. Working with multiple processors gives Kani the ability to identify a wider array of data discrepancies, enabling them to be resolved much more quickly without any disruption to workflows.
“If there’s a data discrepancy, normally a company’s finance operations team have to investigate why the numbers don’t add up. It becomes even more complicated when businesses have to interpret data from multiple processing platforms.
“Kani’s platform helps businesses trace the cause of reconciliation queries far more quickly than if they had to do it manually. Often, those amounts are probably less than a company would end up losing if they couldn’t reconcile.
“Lots of business will have a critical mass and volume of data that allows us to forecast likely outcomes, or benchmark data. Improving reconciliation in this way improves business intelligence. The more data you have, the better decisions you can make.
“Data-agnostic and platform-agnostic reconciliation and reporting tools, which can aggregate and do deep real-time drills into data, can transform a business’s operating capacity and ensure it’s ready to grow and take advantage of new opportunities. When you have that amount of data, the possibilities are endless,” adds Holmes.