Home / ICT / Reconcia: AI-driven financial reconciliation software debuts to grow digital Nigeria
Adebayo Shittu
Minister of Communications, Barr. Adebayo Shittu

Reconcia: AI-driven financial reconciliation software debuts to grow digital Nigeria

FASMICRO Group, a young and dynamic African brand built on the tripod pillars of integrity, professionalism, and entrepreneurial spirit, delivering quality across its business segments and sectors with unparalleled insights, is unveiling a new subsidiary – Reconcia.

A statement issued by the group said “Reconcia is smart software. It uses logical and algorithmic reconfigurable artificial intelligence engines to perform financial reconciliations at scale”.

“It requires no programming skills; just logic engines which are available in Reconcia dashboard. Once reconciliation desired state is established, a company can automate its reconciliation across different platforms. As the data to be reconciled is fed, Reconcia uses the established logical model to effect the reconciliation. It does this by using AI and machine learning to build trend analysis and automate at scale the most repetitive reconciliation activities. This saves cost and puts companies in the dawn of the digital age where more transactions are required to be reconciled nearly in real-time.

The group also disclosed that Reconcia delivers a smart reconciliation technology that learns on the job – it thinks.

Some of the key attributes of Reconcia according to FASMICRO Group include use of Cognitive Learning to absorb business knowledge and auto-learning of match rules; Cognitive Learning tools identify patterns and enhance auto matching;

There is also High Match Rates–High performance matching algorithm with Artificial Intelligence, High Processing Speed – Intelligent transaction matching algorithm which ensures high processing speed and volumes/

Single Platform – Single solution for all the reconciliation needs (Cash/Nostro, OTC Derivatives, Trade confirmations, Forex, etc.);

Complete Data / Transaction Lifecycle Management – Integrated solution which can transform, cleanse, and reconcile the transactions across their lifecycle;

Reconcia runs on the cloud which makes it easy for any client to implement. Reconcia Enterprise is also available and can be localized within a firm’s data center. The solution is scalable and supports any size of firm across industrial sectors. The data can be live electronic stream of data or uploaded data depending on the choice of the firm.

In an interview, founder of Fasmicro Group, Prof Ndubuisi Ekekwe, said “Again, we have brought the amazing power of AI in another area to facilitate innovation and productivity in Africa. Companies are spending huge resources on reconciliation because most are still manually executed requiring running departments with many headcounts. With Reconcia, you save time and resources while improving quality. I welcome African businesses to take advantage of this solution”.

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