The challenge of reconciliation in payments
Reconciliation ensures that financial data from multiple sources is accurate, aligned and accounted for. It’s the backbone of financial control and accurate reporting, supporting compliance, cash flow accuracy and operational oversight.
But, for many payments businesses, it’s also the source of constant operational strain as transaction volumes increase and so too do the back-office demands.
Without robust systems and clear workflows, many resort to ad-hoc workarounds. While these short-term fixes might help meet an upcoming reporting deadline, they introduce hidden inefficiencies that compound problems over time.
To understand how the payments and banking industries navigate their unique reconciliation and reporting challenges, we surveyed 250 UK-based issuers, acquirers, processors, neobanks and e-money institutions.
What did we discover?
- 🔍 56% still rely on spreadsheets for reconciliation, leaving them exposed to errors and delays
- ⏳ Managing data and handling exceptions drain the most time, leading to a widespread struggle to meet reporting deadlines
- ❌ Reconciliation errors are common—and they have far-reaching consequences, from financial discrepancies to delayed reporting
- 📱 Challenges with accurate data matching stem from cross-currency transactions, multiple payment channels and high transaction volumes
👉 Access the report to learn how leading payment companies are transforming reconciliation and reporting workflows—and how you can too.
