In today’s fast paced world of Retail transactions, we need to consider payment and services rendered in a recon system. In fact, we need to consider things in a 3D or MultiD (Multi Dimensional) environment.
3D or MultiD environment, is an environment that has multiple service providers or Partners rendering merchandise to your customers, with multiple internal switching environments and multiple financial transaction aggregators and Settlement partners.
When doing a Recon in the retail environment, you need to consider all the possible steps in the settlement process and be able to reconcile them back to each other with no loss in revenue. The Retail Recon system does just this, while giving you insight into your sales and settlement figures in near real time, allowing you to make informed decisions regarding your risks.
The retail recon system is a data driven application developed on one of the leading ETL platforms using tested and trusted logic to recon all the required legs of your Settlement process.
The Reconciliation will happen on all integration points in the settlement process.
The settlement process can be implemented as per the needs of the client, this will be part of the overall implementation process for the Retail Reconciliation solutions. A workshop will be booked to interface with the client to document the settlement process and based on this signed off documentation the process will be implemented.
The solution can be installed on an internal self-managed server or deployed to a cloud environment based on the customers requirements.
For the Retail Recon system to be effective in what is does it needs to have many principles that it applies to all its processing of data, one very large focus is Data quality.
Data Quality is extremely important in today’s multiple partner environments, because no two partners ever deliver data in the same format, making it extremely difficult to reconcile between sources.
Data comparison can only truly be done when you are comparing apples with apples, and not apples with oranges. Having said this, all data needs to be transformed to be the same layout and apply the same business rules to ensure 100% matching of data can be achieved.
Configurability is key, you need to be able to configure new data files and be ready before they start arriving from the new partner or the old partner that has made changes as requested by your retail organisation.
Reporting and notifications of late (SLA driven) and non-conforming data needs to be alerted and escalated to the responsible parties immediately on detecting the anomaly. Visibility into partner SLA commitments are important to the Operational teams and is key in Partner management.
Speed of processing is always an understated point, the reconciliation system needs to be able to perform, there is no worst position to be in than a system that is behind, and losses cannot be reported on. The system needs to be robust and fast, especially in an operational situation where for some reason you need to process a backlog of data, it should not impact daily processing.
Versioning is another point that is frequently overlooked, it is often discovered only once new data comes into the environment, or a new set of data is mixed with older data sets. The reconciliation system needs to cater for old and new data specifications and needs to be future proof when unexpected changes to data is made and the new data arrive.
Historical data retention is key in any system with a highly operational role, so all data that is received, even if it does not conform to the specification need to be recorded. All data needs to be stored with temporal processing in mind, so one can reply older data, or report on how and when data changed.
Dashboards are required with up to date information about processing, delays in data arrival, financial reporting, data quality and other key metrics. From Exco members to Team leads in the Operational teams, this feature is key. KPI’s with losses per settlement process needs to be highlighted for quick actions to be taken.
Gate keeper for data entering the environment is extremely important, when new unexpected data is received, you don’t want to have that go through to your reporting systems, but you also don’t want to discard the data, so the reconciliation system needs to be able to keep the data and once configured reprocess the data through to the reconciliation data base and other downstream systems.