UPI Reconciliation (Case Study)
UPI Reconciliation is a single platform that merges various banking services and features under one umbrella.
A UPI ID and PIN are sufficient to send and receive money. Real-time bank-to-bank payments can be made using a mobile number or virtual payment address (UPI ID).
Fund transfer through UPI is the one of famous digital payment modes in India.
– Tedious To Perform Cycle-Wise Recon.
– Manual Handling Of 50+ Files For A Day.
– Decryption Of Encrypted Files.
– Manual Matching Error-Prone Process.
– Critical To Complete Recon Within TAT.
– Increasing Transaction Volume.
– Time Consuming Manual Activity.
– Dependency Of Skilled Resources During Working Hours.
– Possible To Perform Recon On T+1.
Credentek has implemented The AnyRecon UPI Reconciliation, an STP solution for all problem statements.
– Auto connects to the NPCI and other SFTP servers to fetch data files.
– Auto decryption of encrypted files.
– 24×7 Reconciliation.
– Rule-based three-way recon between CBS-NPCI-SWITCH.
– Auto Generation of BRS & MIS reports.
– STP takes approximately 1 hour for all activities i.e.
- File Pickup -> Decrypt -> Normalize -> Apply Rule -> Ready with MIS.
– Cycle-wise recon on T itself.
– Removed manual intervention.
– No person dependency.
– Complete (E2E) Automated Solution (reduction of manpower).
– No need for manual decryption of the file.
– No need to copy files from the NPCI Portal for upload.
– No need to upload the file in .xls for reconciliation.
– Reduced file Processing time.