Glossary
Reconciliation
The control process that proves internal records, provider reports and bank statements all agree, and isolates the items that do not.
Reconciliation compares what the platform believes happened with what the provider and the bank report happened. Routine differences — timing, fees, FX rounding — are matched automatically by rule; anything left over becomes an exception for investigation.
Without automated reconciliation, discrepancies are usually discovered late, by finance, at month end, when the underlying evidence is hardest to reconstruct.
What it covers in practice
- Three-way matching: internal, provider, bank
- Fee validation against contracted schedules
- Exception queues with ownership and audit trail