Streamline your financial reconciliation with NORBr’s automated solution

Financial reconciliation, particularly in payment processes, compares three sets of records: internal transaction logs, external data from payment partners, and the client’s bank account statement. NORBr simplifies automated payment reconciliation by managing the first two steps. It collects logs and partner data, then consolidates everything into a single, normalized file. This file includes amounts, fees, and other critical information from all partners, making it easier for clients to reconcile with their bank statements efficiently and accurately.

Automating payment reconciliation not only saves time but reduces errors and improves financial accuracy for companies managing large transaction volumes.

NORBr automation

NORBr’s solution is designed to create an exportable, customizable file that simplifies matching data with the client’s bank records, significantly reducing manual work and saving time.

Here’s how it works:

1. Automated data collection

NORBr automatically pulls settlement files from various Payment Service Providers (PSPs) and other financial partners. This centralization brings all your transaction data—from merchant accounts, fees, and individual transactions—into a unified space, eliminating the need for manual data entry.

2. Data normalization

The next step is data normalization, where all collected data is converted into a standardized format, regardless of its source. By standardizing formats, NORBr ensures consistency across multiple PSPs and systems, reducing data misalignment.

3. Automated transaction matching

NORBr employs sophisticated algorithms to match transactions with settlement records, using metadata like amounts, dates, and transaction IDs. This automated matching significantly reduces manual efforts, cuts down errors, and accelerates the reconciliation process. 

4. Customizable reporting

NORBr allows users to generate tailored reconciliation reports. You can customize columns, date formats, and numerical values, and then export reports in various formats like CSV or PDF. This feature provides businesses with clear, insightful views of payments, discrepancies, and settlements over any given time period.

5. Dashboard with KPIs

The platform features a dynamic, customizable dashboard that offers real-time insights into key financial metrics. Businesses can track key performance indicators like unresolved discrepancies or transaction success rates, helping them stay on top of their financial operations.

6. Multi-currency support

For businesses dealing with international payments, NORBr’s solution simplifies multi-currency reconciliation. It can track payments across multiple currencies, ensuring seamless reconciliation for global transactions.

7. Scalability

For enterprise-level businesses managing high transaction volumes, NORBr’s scalable architecture ensures consistent performance, regardless of transaction load.

Key benefits

• Automation & Efficiency: NORBr’s full automation eliminates manual intervention, reducing time spent on reconciliation.
• Accuracy: Standardized data and automated matching ensure high levels of accuracy, reducing human errors.
• Transparency: Access to transaction logs and user actions ensures full transparency and easy auditing.
• Real-Time Management: Webhooks and alerts provide real-time updates for better decision-making.
• Multi-Currency Flexibility: NORBr enables easy reconciliation across different currencies, essential for global businesses.

Conclusion 

NORBr’s automated reconciliation solution offers an efficient and reliable way for payment operators and large retailers to manage their financial reconciliation processes. By consolidating partner data and providing a fully customizable export, businesses can effortlessly match their records with bank account statements, leading to significant time savings and operational efficiency.

Interested in learning more? Contact us today to discover how NORBr can transform your reconciliation processes!