Reconciliation
Reconciliation is the process of matching payment transactions with other corresponding sources of information such as bank statements and accounting records. Efficient reconciliation is essential for accurate financial reporting, audit and compliance. Modulr's platform simplifies reconciliation by providing real-time transaction data and automated matching tools.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
