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AFP 2022 Blog

AFP 2022 Blog


Automate Payment Reconciliation and KPIs through Data Services

Aug 5, 2022

By Anand Goel, CEO and Founder of Optimized Payments

Let’s face it: Electronic payments are complex, especially when it comes to back-office reporting, reconciliation, chargeback/fraud management and cost management. This complexity is multiplied with each additional acquirer, gateway, PSP and solution provider, as each vendor has its own reporting portal, uniquely formatted reports, unique codes that require additional work/lookups, and different data naming conventions.

According to a survey conducted in 2020 by Optimized Payments, the average treasury analyst at a Fortune 1000 firm spends two hours a day downloading, manipulating and analyzing payments data. And 90% of survey respondents do all this work in Microsoft Excel. Does this sound familiar? All this manual work can be automated and streamlined through a new solution called data services, which could save you a lot of time and let you focus on analyzing the data and your other priorities.

Large merchants have access to daily raw data files at transaction and summary levels from payment vendors. These files contain information about authorizations, settlements, declines, chargebacks, interchange qualification, fees and bank deposits. Over 90% of large merchants do not consume and leverage these files and instead rely on the manual downloading of monthly aggregate reports. Treasury and payments teams lack two key resources to fully implement and unlock the value contained within raw data files:

  1. IT resources — At many companies it could take years to prioritize the consumption of raw data files.
  2. Payments expertise — Most merchants do not have individuals who can interpret and normalize data from raw files and identify actionable insights.

The AFP 2022 session “Automate Payment Reconciliation and KPIs through Data Services” presents a new solution called data services that addresses these challenges. Data services is a hosted cloud solution that consumes, validates, normalizes, aggregates, and enriches raw data and provides merchants with web-based analytics or a single clean/consolidated file for merchant-driven analytics, reporting, reconciliation, decline management, chargeback management and cost management.

This session is essential to treasury and finance professionals who want to build payments competency and effectively manage reconciliation and the cost of payments. Attendees will hear how Priceline implemented a data services solution and were able to eliminate the manual work of one FTE and drive interchange cost savings. Attendees will also have an opportunity to ask about the application of data services for their organization.

Learn how you can simplify and automate payments management. AFP 2022 is your destination for educational sessions on payments, treasury management and more. Register for AFP 2022.