Automation for complex billing, settlement and reconciliation processes
The back-end processes of reporting, reconciling, billing and settling financial or digital transactions is often an overlooked aspect of transaction processing. Yet, they create significant business challenges with material impact on operations and costs. As companies expand their product reach and discover new ways to monetize their offerings, a whole new set of billing, reconciliation and settlement issues can arise. These issues are magnified by legacy platforms that are not equipped to handle the complexity that comes along with this evolution. Multi-partner arrangements, emerging payments or new loyalty schemes, for example, can be operational nightmares to manage if the proper platform is not in place. Companies can simply not afford to expend valuable resources managing the incidental billing, settlement and reconciliation details of their business strategy. They need an automated solution that will accelerate these processes end-to-end and reduce costs. i2c has this solution.
i2c Streamlines, Automates and Improves the Accuracy of Complex Settlement Processes
Who Can Benefit From Using i2c's Billing, Settlement & Reconciliation Solution?
- Bank or financial services companies who partner with other companies to distribute, promote and deliver their products
- Virtual marketplaces or emerging payment services that transact in either monetary or digital currencies
- Coupon aggregators and providers of loyalty services who source offers from multiple partners
- Any company that must pay commissions or fees to multiple partners with custom commission structures and unique payment and reporting requirements
Our platform is designed to handle complex settlement requirements for both financial and non-financial items. It It is used by leading providers of financial services and loyalty products to overcome challenges that arise due to:
- Virtual transaction accounts for monetary currencies, digital currencies and SKUs
- Daily deal and discount services on local, national and international levels. Full support for offer creation, targeting, delivery and redemption using any form factor or ID technology such as magstripe, bar code or Near Field Communication (NFC)
- Mobile account access through smart phone apps and Mobile-originated/Mobile-terminated (MO/MT) messaging
- Digital coupons, vouchers or offers with numerous targeting, delivery and redemption options
- Targeting – Consumer-specified, demographic, location-based and cycle metrics triggered. Consumer-initiated QR codes and remote coupon capture also supported.
- Delivery – SMS, Email, IVR and mobile app
- Redemption – Magstripe, bar code and NFC
- Mobile wallet and mCommerce applications
- Support for Android, Apple IOS and BlackBerry environments
Our Solution Acts as Your Virtual Settlement Team
i2c's solution stores your partners' or stakeholders' billing, settlement and reconciliation requirements and executes automated processes based on these requirements. You simply define the process once for each settlement partner and our platform will:
- Initiate the billing, settlement and reconciliation process for each partner at the required times
- Generate and deliver all invoices, reports, funds transfer files and accounts receivable data files
- Automate the review, correction and resubmission processes