SINNAD’s Reconciliation Service ensures that the financial institution clients’ card-based transactions are cleared and settled in accordance with Payment Scheme rules and procedures. We support all the financial institutions by working with them across several file processing interfaces.
The service covers:
Daily reconciliation of internal accounts
Monitoring and early detection of inconsistency and mismatches
Application of corrective measures
Validation of the number and volume of transactions vs Payment System reporting
Reconciliation between Payment Systems reports and in-house reporting
Up-to-date follow up and communication
The service gives the institution a clear overview of the financial entries in its correspondent account with the Payment Systems, including those related to issuing and acquiring transactions and to the Payment System license and costs.