The power of data reconciliation for payments

The payments went out, the invoices were approved, and the excel spreadsheets are produced ... but somehow the numbers don’t match? 

Suddenly, tracking company spend can feel like solving a complex mystery – and that’s where data reconciliation can help you to uncover the gaps and ensure your numbers add up.

Making sense of payment data

Nearly a third of finance service organizations claim that mistakes from manually processing data is their largest pain point^1.

With financial data pouring in from multiple payment streams like expense reports, supplier invoices, and travel spend across different systems with varying levels of detail – it’s clear why finance teams need a reliable and efficient accounting system to keep things under control.

Data reconciliation becomes the unifying truth across fragmented financial data flows², aligning data sets to ensure accuracy, empower better decision making, and reduce time spent manually identifying inconsistencies.

By systematically comparing and adjusting these streams, organizations can avoid errors that could lead to financial losses, compliance issues and operational inefficiencies^3.

But it’s more than just a tool for validation, reconciliation provides the clarity needed to act confidently, develop reports with better insights, and even spot spending trends earlier.

And when data makes sense, it becomes less about fixing and more about leading.

Why it's important for corporate payments 

Today, data reconciliation takes on a new strategic role in corporate payments – as a driver of growth and innovation. 

With a need to access and operationalize high quality data at speed, maintaining outdated systems is no longer sustainable or scalable for finance organizaitons³.

There is a critical need to cut through the complexity by streamlining processes and building a more dynamic and future -ready infrastructure. 

Especially given the current era of economic volatility, innovative solutions like virtual cards and embedded finance are helping companies to manage cash flow proactively and navigate complex supply chains⁴.

There is also the growing need to adapt to the changing landscape by accommodating for additional use-cases, regions, currencies, and other factors. 

Ensuring these systems are built with the flexibility to cater to these different payment scenarios, also offers more personalized experiences, which improves relationships with customers and partners.  

With the right reconciliation tactics in place, businesses can ensure their payment systems are not just accurate and up to date, but ready to deliver dynamic services and seamless experiences.  

That’s why forward-thinking organizations are now implementing smarter strategies to overcome the challenges of data and leverage these insights⁵. 

The tools behind better data 

Manual invoicing is extensive, prone to human error, and time consuming, making automated reconciliation the preferred solution. 

Here are a few emerging and advanced technologies making automated reconciliation easier, faster, and more reliable^6,7:

 AI and machine learning

These models are designed to handle the complexity and scale of financial data with real-time monitoring and reporting that enhances reconciliation by detecting anomalies, matching up records, and predicting potential errors. 

Cloud-based platforms  

Allows for the integration of data from multiple systems and sources providing real-time visibility and audit trails across the entire process. In addition, the high degree of security in cloud environments ensures that sensitive data remains protected.

APIs and system integration 

APIs (application programming interfaces) allow for seamless data exchange between different financial systems, reducing manual efforts and improving accuracy. These systems also maintain detailed logs of all actions, supporting the regulatory compliance of the organization.

Data reconciliation with AirPlus 

Reconciliation is a crucial step for ensuring the consistency and accuracy of your data that will help you gain valuable insights for business decisions.

At AirPlus, we understand that high quality data can take your business to the next level.  

Here’s what you can expect from us: 

• A 99.7% reconciliation rate and automated invoice reconciliation 
  
  
• Industry leading ~95% data quality completeness value 
  
  
• Cutting-edge technology with ultramodern, cloud-based, flexible, scalable, digital offerings integrated from end to end of the value chain
  
  
• Seamless integration for all your corporate payment needs 
  

Want to know more about us and what we do? Explore our homepage. 

 ^{[1] Duco: Manual Process Errors Top List of Data Reconciliation Pain Points for Financial Firms During Pandemic | BusinessWire} 

^{[2] Navigating the Challenges of Data Reconciliation: An Example Use-Case  | Medium}

^{[3] Enhancing your treasury operations with a modern tech stack | J.P.Morgan} 

^{[4] Tech Redefines Finance This Week in B2B | PYMNTS}

^{[5] How AI-powered data optimization drives tax and finance transformation | EY}

^{[6]Busting the Myths Around AI in Payment Reconciliation | Optimus Fintech}

^{[7]How To Transform Reconciliation Processes With AI In FinTech | Forbes}