ReconArt is a software product company with a sole focus on transactional matching, account reconciliation and financial close automation. They have gathered extensive experience and achieved leading market positions as a single-solution provider dedicated to the F&A data reconciliation niche, serving clients in virtually any industry, notably: banking & investment, financial services, insurance, payments & remittance, travel & hospitality, e-commerce & retail, healthcare, manufacturing, government and NGO, IT & telecom, etc.
“ Designed for end-to-end automation and management of all data reconciliation processes and being a specialized tool, delivers far greater benefits than generic, multi-purpose business solutions ”
The platform provides rich capabilities for end-to-end automation of all reconciliation activities: data import and export, data transformation and normalization, matching, exception classification, and reporting operations. ReconArt provides lists and calendar views of the automated task, arranges the tasks into stacks of automated reconciliation operations, and vast filtering capabilities. It can also work with multiple data sources, 1-to-1 and 1-to-many, grouping matches involving batch payments, enhanced exceptions tracking, elimination of manual operations, streamlined processes.
ReconArt is ISO 27001:2013 certified
Our customers have their industry and process specifics, but the common challenges they usually share are:
Large volume and growing, complex reconciliations that can no longer be handled with manual and spreadsheet-based methods
Multiple data sources and various file formats that take a lot of time to convert, transform, and unify; absence of a single reconciliations repository
Laborious, time-consuming and inefficient processes prone to human errors
Optimise HR Operations develop talent initiatives that help in meeting the overall business objectives
Insufficient capabilities of the Clients’ ERP systems to meet the evolving reconciliation needs
Need to replace an existing reconciliation system which is not able to maintain the above list of reconciliation challenges
ReconArt has an NDA in place with each and every client. We respect our clients' privacy and cannot reveal information about the contracts, financial and implementation aspects. Some of the clients who gave consent to disclose their case study are listed below. Additional information could be found here. The clients in this document or in the Case Studies section of the website SHALL NOT be contacted directly by KNPS.
Industry: Payment Services. WorldRemit is among the most dynamic players in the remittance industry. The fast-growing, online remittance company operates in 145+ countries and enables its 4-million-strong customer base to send money to friends and family living abroad through a modern online platform. Providing appropriate level of information security.
Focus: High volume of transactional matching, End-to-end management of the reconciliation flow, Complex Transaction Matching, Journal Entries, Automatic investigation of cases for exceptions, Audit compliancy, Risk management, Daily frequency of reconciliation, Full automation of reconciliation processes.
Industry: Finance, Financial Services, Lending. Platcorp is the holding company of Platinum Credit (“Platinum”) and Premier Credit (“Premier”). Platinum is a non-banking, non-deposit taking microfinance institution which provides emergency loans to customers and has operations in Kenya, Uganda and Tanzania while Premier is a credit only microfinance institution that offers loans to individual small and medium-sized businesses to cater for unforeseen immediate working capital needs.
Focus: Multiple Bank Sources, On-boarded ReconArt as a Fully Automated Solution. Around 80% of all payments by customers, today come in via mobile money through Safaricom’s M-PESA platform, with the remainder being more traditional bank deposits from cloud banking platform – Mambu, Co-operative Bank of Kenya for receipts and Commercial Bank of Africa for disbursements. Elimination of manual data manipulation and reconciliation processes. ReconArt acting as central point of all recon processes. ReconArt is integrated with existing in-house and third party systems.
Platcorp (Platinum Credit and Premier Credit) say that the Benefits from using ReconArt are:
Significant ROI. Based upon historical experience, Premier Kenya estimates that, to date, without ReconArt ™ this size operation would require 5-6 full-time equivalent employees just for doing reconciliations. Instead, the company achieves a better and faster process with just two employees who also have other functions and are not dedicated to reconciliations.
Industry: industry leader in the portable storage and moving industry
Reconciliation Focus: Bank reconciliation (Bank to GL), Credit Card, GL reconciliations with multiple data sources, automation of all recon processes, using 1-to-1 and 1-to-many matches involving batch payments, and ability to keep track of exceptions without the need for manual notes and spreadsheets.
Industry: RedCloud is an innovative and dynamic technology business headquartered in the UK, with offices in Argentina, Peru and Nigeria and footprint in several other countries. RedCloud has developed an advanced digital ecosystem that enables real-time visibility for order & inventory management, cashless payments & transaction history, invoice tracking, market intelligence, loyalty programs and promotional campaigns. The platform delivers rich functionalities for customer engagement and increased revenue through cross and upsales. It serves small and local businesses from the Fast-Moving Consumer Goods vertical, including brands, distributors, and merchants.
Focus: Bank reconciliation, reconciling data from multiple sources and counterparts – partners, external agents and banks, integration with existing in-house and third-party systems, streamlined exceptions management, audit trail, separation of duties and flexible user rights configuration.
Industry: Quikrete - the largest manufacturer of packaged concrete and cement mixes in North America, and an innovative leader in the building and home improvement industries. In addition, Quikrete offers related products through numerous wholly-owned subsidiaries. Collectively, Quikrete operates about 250 facilities in the U.S., Canada, Puerto Rico and South America.
Focus: Automated Bank reconciliation (various banks, multi-currency), One-entry point of access to multiple internal and external systems feeding data for the reconciliation processes, efficient exceptions management, data export out of ReconArt to facilitate on demand reporting.
