Felloh’s automatic reconciliation feature matches and verifies transactions from three payment methods—card payments, Open Banking, and bank transfers—ensuring that every transaction is tracked and settled accurately with your back-office systems.
Felloh’s automatic reconciliation works across multiple payment methods:
• Card payments: Felloh matches the payment initiation and success message from the payment gateway to the batch settlement report with the acquirer, and then matches the batch settlement in your bank account. This 3-point verification (initiation, disbursement, and settlement) ensures complete transaction tracking.
• Open Banking transactions: Payments made via the faster payment network are tagged with the booking reference through the payment link or eCommerce object, and as soon as the funds are settled, the transaction is automatically reconciled.
• Bank transfers: Using Felloh’s Account Information Services, bank transfers are surfaced in your Felloh account, where your team can tag the payment back to the corresponding booking.
Reconciling payments from multiple methods—such as deposits via card and balance payments via bank transfer—can be time-consuming. Felloh automates this process, making it easier to track and reconcile funds from various payment channels.
Automatic reconciliation gives you full visibility of your cash flow, ensuring that all customer funds are accurately tracked and reconciled.
The 3-point verification process for card payments provides an additional layer of accuracy and confidence that every payment is settled correctly.
Extracting the settlement data from some payment gateways can be a real pain for finance teams. Lack of automation, a dependency to log in to a portal or challenges matching transactions references back to your booking references can slow processes down. Felloh automatically matches the transaction in the settlement report to the original booking reference, saving you time and improving data accuracy.
Adam Clark
CTO