Kani Payments, the leading provider of payments reconciliation and reporting software, has been crowned Compliance Technology of the Year at the Payments Awards 2024. The award recognises Kani’s innovative QMR and GOC reporting solution, while helps issuers and acquirers with their data submissions to Mastercard and Visa.
The judges praised Kani for enabling “payment firms to comply with their submissions to card schemes in a timely and cost-effective manner”, further validating its mission to simplify reporting for payments businesses globally.
Aaron Holmes, CEO and co-founder of Kani payments, said:
This award is a testament to the incredible hard work of our team, who have continuously evolved our reconciliation and reporting solution to meet changing industry needs. At Kani, our goal has always been to simplify these critical but challenges processes. It’s an honour to be recognised for that among such strong industry peers.
With reporting demands on the rise, the award highlights the need for smarter, more efficient compliance solutions
Tackling compliance with purpose-built reconciliation and reporting software
The Mastercard QMR (Quarterly Mastercard Report) and Visa GOC (Global Operating Certificate) reports are comprehensive data submissions required from businesses involved in payment processing. They incorporate information on transaction volumes, types, values and other transaction metrics.
While essential, compiling and formatting reports is often complex and time-consuming. In fact, Kani’s recent survey of 250 UK-based issuers, acquirers, payment processors and digital banks found that:
- The average finance team spends 142 hours annually managing QMR or GOC submissions
- Two-thirds said that reporting processes need optimisation
- 64% admit that gathering transaction data takes up too much time
Since 2018, Kani’s automated platform has been the go-to for payments business to address reporting pain points, reclaim hours of manual effort and ensure 100% compliance with Mastercard and Visa formatting requirements.
