ATM Reconciliation: Increasing Efficiency with Technology

ATM Reconciliation Card machine/parking machine

Every day debit and credit cards are used for billions of ATM transactions. Notably, accounting the money channeled through varied data formats and data sources is an enormous task for banks and cash management firms, because they have to often deal with untrustworthy data, incomplete transaction reports and longer investigation time in case of disputes. As far as ATM transactions are concerned, on a every day the bank needs to inspect the electronic journal files received from different ATM machines (likes NCR, Diebold, AGIS, G4S) and various file formats, and match it with the bank’s balance as part of the reconciliation process. The difficulty of data and the necessity for transparency compel energetic and agile internal banking operations.

As cashless transactions increase in volume, clientviewpoints are high for quick delivery of services and quick resolution of problems. In situations where client accounts are debited for anineffective ATM transaction or cash has been dispersed but it has not been withdrawing from account, banks will have to opposite debits or credits to client accounts and as early as possible. Now for this to occur you require structured data. Unless data is organised, documentation of discrepancies would take a long time leading to delay in crediting or inaccurate accounting records. The lynchpin of a solid ATM operational process is an ATM reconciliation software that helps to improvecompetence of ATM networks, decrease operational costs and bring in transparency and control transactional flows.

The ATM reconciliation technology solution capitalizes on its competences to handle multiple transactions including online, offline, prepaid debit card, credit card and electronic purse card. It shortens data complexities, integrating them to a bank’s procedures. It permits maintenance of record of ATM transactions—withdrawals, deposits. It also allows real-time representation of transactions in a bank’s balance sheets for audits and faster fraud detection and refund in case of technical machine problems.

How does ATM Reconciliation Work?

Blending strong authentication processes and analytics software, automated reconciliation allows banks to maintain well-organized operations.

Technology reconciliation solution providers like Sonassoftware authenticate various kinds of cash flows such as ATMs, CDM’ Retail Credit and others and perfectly matches the debit and credit cards transaction data and updates the internal books in real-time. The reconciliation process tracks balance in cash flows, counting eject and analyses of money transaction patterns of respective banks. Additionally, weprovide a dashboard for cash management and forecasting capability for each ATM through dependable matching of cash withdrawals & deposits, check deposits and cash replenishment/collections at the vendor managed ATMs.

The large volume of cashless transactions means banks need to gear up to handle more complex channels and data volumes. ATM reconciliation is one prime step for banks if they would like transparency, cost-effective operations, greater correctness and faster damage control.