The bank transaction reconciliation and clearing process in the ERP system (SAP) is currently a manual process. The process of bank transaction reconciliation included several bank files which served as input data, with multiple gateways such as Ayden, AmEx, WeChat Pay, EPS, PayPal, Cash Registry, etc.
Receipt clearance and posting was done for individual stores and multiple channels, namely retail, e-commerce and B2B, were included.
Reconciling interest entries such as exchange difference, bank charges, partial payment, advance payment, fee charges, and discrepancy threshold also add to the complexity and time consumption of the process. Errors are common, leading to delayed or missed revenue collection.
Our customer recognized the need to automate this critical process to reduce effort, minimize errors, and improve revenue collection and customer communication.