The Evolution of Tracking Fintecture Unreconciled Transactions not linked to any payment session
Fintecture introduces Incoming Transfer, a feature specifically designed to enhance the management of payments unlinked to any Fintecture session. This innovation aims to bring you greater visibility over collected transactions, simplifying your accounting management.
Ghost Payments:
Previously, ghost payments did not appear in your payment tracking (Fintecture’s payment tab) or in the disbursement .csv files. Despite being received on your Fintecture account and included in disbursements to your bank account, these transactions could create confusion and complications during accounting reconciliation.
Users who activated notifications for unreconciled payments, however, would receive an email alert.
Innovation: Incoming Transfer
Previously, ghost payments were not visible on your console, limiting your ability to easily identify them. Incoming Transfer addresses various complex scenarios posed by these transactions, such as:
Recurring payments using the same virtual IBAN, without an invoice created.
Anticipated payments for future invoices.
Payments where the reconciliation process is not directly managed by Fintecture.
PSUs conduct an VI on the conventional IBAN of the Swan account, followed by reusing this IBAN for a VR.
How Does It Work?
With Incoming Transfer, each unreconciled transaction is transformed into an identifiable Fintecture session labeled as IncomingTransfer, featuring detailed information like the amount, payer's name, transaction reference, and receipt date:
These sessions are labeled 'IncomingTransfer' in the type, allowing for easy identification.
Once an IncomingTransfer session is created, you will receive an email like this:
Benefits for Merchants
This new functionality provides:
Improved visibility and tracking of unreconciled funds.
The ability to actively manage these transactions.
Integration into your regular Fintecture workflow.
This development marks a significant step in our commitment to providing increased transparency and efficiency in financial transaction management.
Stay tuned for more updates and innovations from us.