How Stitch streamlines omnichannel reconciliation

For enterprise organisations, reconciliation is an essential – and often complicated – part of financial operations. Tracking transactions from across methods and providers, across banks, and via multiple routes and rails makes reconciliation challenging, and can lead to data mismatches, difficulty matching transactions to their source, and high opex costs. 

At Stitch, we work to consolidate all payment information into a single standardised format to streamline reconciliation for clients. Here’s what that looks like:

Consolidated reporting

Stitch consolidates reconciliation for transactions across all sales channels, both online and in-person – including Pay by bank, card, manual EFT and more – as well as across different banks and providers that clients might use for redundancy. 

Transactions and transaction statuses can be streamlined into a single, standardised report, in a single format. This removes the issue of various file formats and report timing, making it easier for finance teams to reconcile transactions, conduct audits and more. Clients also have the option of splitting the data out by payment method or payment status in the dashboard.

Customised reporting

Stitch offers clients a range of options for receiving payment and reconciliation reports – allowing them to choose the solution which best suits their business needs. 

Report files can be shared via secure hosted storage, Secure File Transfer Protocol (SFTP), S3 buckets and more. Customers can choose between file extracts via SFTP, automated reports via email and the option to download custom reports from their dashboard. 

Reports can be fully customised to meet customer needs, so that these can easily be imported into existing reconciliation or finance systems. Everything from report layouts to the re-mapping of transaction types and statuses can be tailored to match the customer's system. For example, some customers might only want to see successful transactions, whereas others would also want to see failed transactions. Other customers might require only monthly or weekly automated reports instead of daily ones. Stitch can accommodate for any varied preferences.

Settlement API

With Stitch, settlement information can be retrieved via API as opposed to file processing, which helps to automate the reconciliation process. 

Why would teams prefer to receive settlement information via API?

• APIs provide real-time data access, which means no waiting for overnight file uploads or outdated information
• APIs are more reliable, with less risk of file transfer failures or corrupted files
• APIs are easier to automate
• Large volumes of data are more easy to handle via API than with file processing

Monitoring and alerts

Stitch actively monitors the entire reconciliation process to ensure reports are generated accurately and on time. Our system continuously tracks reconciliation data, report generation and sending, identifying any potential issues.

Alerts are triggered immediately, prompting our teams to investigate and resolve the issue without delay. Customers therefore always get their reports on time, with up-to-date information. 

This allows businesses to make data-accurate decisions faster, with a proactive approach that ensures our clients receive their reports on time, every time.

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