#reconciliation tool

[onixcloud]

Say goodbye to manual, error-prone validation processes with Pelican, Onix’s AI-enabled data validation and reconciliation tool. Pelican mirrors the precision of a pelican’s focus—pinpointing every inconsistency across SQL, ETL, and enterprise datasets with near-zero error rates.

Automated Data Quality: Stop manual checks and streamline data migration and reconciliation.

AI-Powered Validation: Detect subtle mismatches and enforce semantic accuracy across cloud and on-premise systems.

Simple, Scalable Deployment: Fully automated, no-code workflows make large-scale validation effortless.

With Pelican, enterprises can ensure accurate, compliant, and reliable data across all systems while accelerating AI-ready modernization.

Get a demo today and experience AI-powered data validation with Pelican by Onix.

[reconciliationtool]

A Quick Guide on QuickReco Tool and Its Working Model

QuickReco Tool is one of the most advanced automation tools built to add exceptional automation for reconciliation and many other Excel operations. From Banking to Insurance, NBFC (Non Banking Financial Companies), and many other industry verticals can use this reconciliation tool.

What makes the QuickReco Tool stand out among many other excel automation tools?

·         It is not just an excel automation tool, it is way more than that.

·         This tool has many amazing features and a mechanism to process calculations way more securely and efficiently. Even if the calculations are quite tough to process by any other excel automation tool.

·         Unlike many other data reconciliation tools or bank reconciliation tool, it has some intelligent and astounding features that automate manual excel operations.

·         It simplifies calculations regardless of the fact how complicated the calculation formula or algorithm is.

·         Moreover, accurate reconciliation of records is its USP, which is why the QuickReco Tool is renowned as one of the best excel automation tool

·         The QuickReco Tool is one of the preferred reconciliation tools as it can perform various options with predefined algorithms in a jiffy.

·         It enhances the operations by automating various jobs. It means the banks, non banking finance companies, insurance agencies, or any other organization using the QuickReco Tool do not need to put manual resources to make day to day calculation and generate reports or assure reconciliation.

·         All of these jobs and many more can be handled by this single data reconciliation tool.

How does the QuickReco Tool work?

Let us share the working model of the QuickReco Tool, so you can get an idea of How does Account Reconciliation Software Work? The explanation of the working model of this tool will also give a glance at the major advantages this software offers to the banks and NBFC.

So without further ado, let us briefly explain the functional flow of the QuickReco Tool in a stepwise manner:

1. All files or data to be processed will be tracked by the software automatically.

·         Based on the predefined interval, the QuickReco Tool tracks the files that need to be processed.

·         The processing interval can be defined by the admin, which can be daily, whenever available, or even monthly.

·         This excel automation tool will follow the predefined processing intervals to process the predefined calculations.

2. File import from system to this data reconciliation software.

·         Once the files to be processed with predefined logics are detected, this QuickReco Tool will import those files into the software from its source.

·         The user can also manually upload data for the calculation and reporting process.

3. Validation of the imported data and records.

·         As we all know, each software solution can process data if the data is stored in the correct format in the file.

·         The QuickReco Tool also requires the files to be processed in the right format.

·         To assure this fact and efficacious reconciliation of data, the QuickReco Tool will validate the imported data and records before actually processing them. This makes it one of the best data reconciliation tools.

4.Computation on imported data.

·         Once this reconciliation software validates the correctness of the data, the next step is the computation of the data based on the configured calculation algorithms and functions.

·         This excel automation tool can securely process data, unlike macro and store it in the database to keep the processed data in a well defined format and securely stored.

·         The calculation is processed automatically in the background, so it can process a large volume of data quickly.

5. Data reconciliation.

·         After the processing, this one of the top data reconciliation tools will use predefined keys for data reconciliation.

·         It makes sure that the processed data is accurate and presented efficiently.

6. Report production and export.

·         This tool not only computes the required calculations, but also represents the output in an easy to understand format of reports.

·         It can generate periodic reports to provide the required reports automatically.

7. Send reports automatically.

·         Whether the reports need to go for approval or they need to go for periodic review, this banking and NBFC reconciliation software can do both.

·         It can automatically send the reports to predefined people with the auto email functionality.

8. Summary dashboard display.

·         The processed data can also further be computed to extract the summary.

·         This one of the popular data reconciliation tools shows the crux of computed data, as a summary on the dashboard.

·         A quick look at the dashboard summary can make the overview process faster.

This reconciliation software is built to empower Banks, NBFCs, Insurance and many other companies.

Let us take you to the walkthrough of this powerful tool.

[reconciliationtool]

How QuickReco Tool Automates Reconciliation Process to Empower NBFCs?

Non-Bank Financial Companies (NBFCs) are growing rapidly in India and so does the popularity of this kind of companies. Nonbank financial companies, also popularly known as nonbank financial institutes (NBFI) are well-liked for offering various financial and banking services similar to public and private banks. The only difference between banks and NBFCs is, the NBFCs do not hold the banking license and therefore, cannot offer all the services as a bank can offer.

Below are some examples of nonbank financial companies to help you understand the concept of NBFC.

·        Finance loan lenders

·        Mortgage lenders

·        P2P lenders

·        Money market funds

·        Private equity funds

·        Hedge funds

·        Investment banks

·        Insurance agencies

·        And more

In this blog, we will shed more light on one of the important processes in the NBFCs, namely, reconciliation and its automation.

Why NBFC needs a reconciliation tool?

·        Even if the nonbank financial institutes do not hold a banking license or cannot provide all banking services, this type of company still deals with money and process the transactions.

·        Thus, data reconciliation is one of the important processes in NBFCs.

·        NBFCs need an accurate and reliable reconciliation tool to assure efficient data reconciliation.

Why NBFC needs a data reconciliation tool that adds automation to the reconciliation process?

·        Manual methods of data reconciliation are tedious and time consuming.

·        The manual methods are also error prone in some cases.

·        The manual process of data reconciliation in one or more excel files without using any bank or NBFC reconciliation tool cannot represent data in an easy to understand format or reports. It needs reporting efforts in addition.

·        Manual reporting at a regular interval wastes a lot of manual and other resources.

·        If an NBFC uses only an excel automation tool, then it may cause some security and storage issues.

·        All in all, instead of using a traditional method for data reconciliation in the nonbank financial company, using an NBFC reconciliation tool that includes automation of the data reconciliation process is necessary.

How NBFCs can automate the whole reconciliation process?

As now, you know what NBFC is and why an NBFC needs a reconciliation tool, let’s delve deeper to explore how any nonbank financial company can automate the reconciliation process.

·        The simple answer to apply an accurate and efficient reconciliation process in the NBFC is using one of the best data reconciliation tools, which is the QuickReco tool.

·        There are some more excel automation tools available in the market. However, they cause certain challenges and roadblocks.

·        Unlike usual excel automation tools or traditional bank reconciliation software, the QuickReco tool simplifies the reconciliation process for the NBFC.

·        It can accurately process thousands of data records within some time.

·        It represents data in the custom report formats.

Let’s understand the working model of the QuickReco tool to know how it automates the bank reconciliation process at an NBFC.

·        The QuickReco tool can automatically process all different files and processes.

·        The QuickReco tool is renowned for processing multiple different processes automatically using predefined logic and calculations to assure accurate data reconciliation.

·        It can also process the data collected from multiple files via various channels such as:

o   ATM

o   E-wallet

o   UPI

o   Payment gateway

o   Banking or financial kiosks

o   Credit card processing

o   Debit card processing

o   Bank cheques

o   And more

·        The QuickReco tool can automate various processes such as:

o   Debt collection

o   E-collection

o   Auto debit from the bank

o   CMS

o   Disbursement

o   Processing fees

o   Late penalties

o   And more

Working model of QuickReco in NBFC:

·        The QuickReco Tool, one of the best data reconciliation tools, can fetch data from different sources.

·        It is one of the advanced data reconciliation tools. Thus, it performs a two-level reconciliation process.

·        The excel automation tool of the QuickReco tool applies different predefined calculations and logic to process the data fetched from diversified sources.

·        In case of data disparity, this NBFC reconciliation tool will send a notification alert to the concerned person to check the disparity and take the required steps.

·        Unlike traditional excel automation tools, the QuickReco tool can also handle duplicate data to provide efficient data reconciliation.

·        The contrast entries can be managed manually, as and when needed, by the QuickReco tool using the manual reconciliation features available in this data reconciliation tool.

·        The QuickReco tool also automates the report generation to benefit the NBFC staff. It automatically sends reports via email to the concerned executives.

Conclusion

This NBFC reconciliation tool has an array of features, which are developed to enhance and automate the data reconciliation process in NBFC. Book a free demo to see how it works and can benefit your NBFC.

[reconciliationtool]

A Quick Guide on QuickReco Tool and Its Working Model

QuickReco tool is one of the most advanced automation tools built to add exceptional automation for reconciliation and many other operations. From banking to insurance, NBFC (Non Banking Financial Companies), and many other industry verticals can use this reconciliation tool.

What makes the QuickReco tool stand out among many other excel automation tools?

·        It is not just an excel automation tool, it is way more than that.

·        This tool has many amazing features and a mechanism to process calculations way more securely and efficiently. Even if the calculations are quite tough to process by any other excel automation tool.

·        Unlike many other data reconciliation tools or bank reconciliation software, it has some intelligent and astounding features that automate manual excel operations.

·        It simplifies calculations regardless of the fact how complicated the calculation formula or algorithm is.

·        Moreover, accurate reconciliation of records is its USP, which is why the QuickReco tool is renowned as one of the best excel automation tools.

·        The QuickReco tool is one of the preferred reconciliation tools as it can perform various options with predefined algorithms in a jiffy.

·        It enhances the operations by automating various jobs. It means the banks, non banking finance companies, insurance agencies, or any other organization using the QuickReco tool do not need to put manual resources to make day to day calculation and generate reports or assure reconciliation.

·        All of these jobs and many more can be handled by this single data reconciliation tool.

How does the QuickReco tool work?

Let us share the working model of the QuickReco tool, so you can get an idea of how does this outstanding excel automation tool work. The explanation of the working model of this tool will also give a glance at the major advantages this software offers to the banks and NBFC.

So without further ado, let us briefly explain the functional flow of the QuickReco tool in a stepwise manner:

1. All files or data to be processed will be tracked by the software automatically

·        Based on the predefined interval, the QuickReco tool tracks the files of data that need to be processed.

·        The processing interval can be defined by the admin, which can be daily, every alternate day, weekly, biweekly, or even monthly.

·        This excel automation tool will follow the predefined processing intervals to process the predefined calculations.

2. File import from system to this data reconciliation software

·        Once the files to be processed with predefined logics are detected, this QuickReco tool will import those files into the software from its source.

·        The user can also manually upload data for the calculation and reporting process.

3. Validation of the imported data and records

·        As we all know, each software solution can process data if the data is stored in the correct format in the file.

·        The QuickReco tool also requires the files to be processed in the right format.

·        To assure this fact and efficacious reconciliation of data, the QuickReco tool will validate the imported data and records before actually processing them. This makes it is one of the best data reconciliation tools.

4. Computation on imported data

·        Once this reconciliation software validates the rightness of the data, the next step is the computation of the data based on the configured calculation algorithms and functions.

·        This excel automation tool can securely process data, unlike macro and store it in the database to keep the processed data in a well-defined format and securely stored.

·        The calculation is processed automatically, so it can process a large volume of data quickly.

5. Data reconciliation

·        After the processing, this one of the top data reconciliation tools will use predefined keys for data reconciliation.

·        It makes sure that the processed data is accurate and presented efficiently.

6. Report production and export

·        This tool not only computes the required calculations, but also represents the output in an easy to understand format of reports.

·        It can generate periodic reports to provide the required reports automatically.

7. Send reports automatically

·        Whether the reports need to go for approval or they need to go for periodic review, this banking and NBFC reconciliation software can do both.

·        It can automatically send the reports to predefined people with the auto email functionality.

8. Summary dashboard display

·        The processed data can also further be computed to extract the summary.

·        This one of the popular data reconciliation tools shows the crux of computed data, as a summary on the dashboard.

·        A quick look at the dashboard summary can make the overview process faster.

This reconciliation software is built to empower banks and NBFCs.

Let us take you to the walkthrough of this powerful tool. Book a free demo NOW!