Corefy's Reconciliations is a fully-equipped accounting software for any online business, aimed at organising and unifying all the transaction data.
Corefy's statement
Providers' statement
Status
Corefy supports instant automatic reconciliation for multiple accounts, payment methods, and currencies. Automation helps to switch your focus towards handling exceptions instead of time-consuming manual reconciliation of each transaction.
Our manual payment reconciliation provides independence from any technical issues which may occur on the provider's side.
Manual reconciliations over API. You can ask your provider for a statement by clicking just one button on the Dashboard.
Manual statement import. Pull a statement directly from the provider and upload it to Corefy. It may be quite helpful in case of API or callback glitches.
Bulk statements import. Easily import multiple statements you've got from the provider to manually reconcile them all at once.
.XLS file
.FTP file
.CSV file
Apple Pay
SEPA
Bitcoin
Automate the labour-intensive, error-prone reconciliations of transactions across multiple providers, accounts, and payment methods.
Automatically process transactions and push them to the finalisation.
Delayed auto-reconciliations allows you to detect and account chargebacks or refunds.
Corefy supports both callbacks and API responses handling.
Monitor transactions from origination to settlement and carry out payment reconciliation process in a time and cost-efficient way. We consolidate and normalise information from multiple internal and external sources in one place, making statements coherent and consistent.
Original data
Gain access to initial financial data, including, but not limited to, IDs, status and resolutions at every stage of transaction processing.
Unified statements database
We instantly translate the data from different providers into a single common language by automapping the basic properties.
Statements history
Corefy securely stores every transaction statement, while ensuring its availability for your further reference.
Collision detection
Corefy detects and alerts you about any mismatches in statements, granting consistency and facilitating the payment reconciliation process.
Corefy is a ready-made solution that eliminates the regular payment reconciliation headache, offering all the necessary tools to resolve edge cases and monitor the company's financial health.
Automatic corrections. We automatically update payment data according to the latest information provided by PSPs and banks.
Manual corrections. Use manual corrections for handling collisions and exceptions. You can update the transaction status manually when needed.
Collisions monitoring & alerting. Our payment reconciliation system detects and promptly notifies you when transaction data from the provider and payment details inserted into Corefy do not match.
Route fee auto-correction. Based on payment reconciliation protocol, we calculate fees for different transaction routes, helping you to optimise and save costs.
Corefy's statement
Providers' statement
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Corefy makes the payment reconciliation process quicker and simpler than ever before.
Consistency
All transaction data flows in and out of our system ensuring consistency between your sales and payment provider's statements.
Transparency
Benefit from improved visibility throughout the whole transaction lifecycle, as well as full control over payment and payout flows.
Visibility
Accessibility and visibility of accurate complete data reduce potential fraudulent activity and help to reveal hidden activity.
Automatic corrections
Corefy automates transaction matching across multiple PSPs and accounts, updating the data according to providers' statements.
Collisions management
Identify and manage mismatches, errors and collisions between transaction data from the provider and payment details inserted into Corefy.
Proofs in investigation
Ensure that all your funds are correctly accounted for and solve possible issues with payment providers by accessing statement history and logs.
No matter how many merchant accounts across various PSPs you have, Corefy is a one-stop platform that ensures your records are accurate.
Merchant account 1
2,450.00 $
Merchant account 2
300.00 $
Merchant account 3
22,000.00 $
Merchant account 4
1,286.00 $
Merchant account 5
13,760.00 $Auto-update. Corefy is constantly synchronising and updating balances across multiple providers, accounts and methods.
Manual update. You can always request a balance update manually to ensure you have the latest data available.
Balance history. Monitor and track how your balances change over time with a detailed balance and transactions history.
Balance-based routing. Benefit from risk diversification by distributing cash flows evenly across your merchant accounts.
Identify omissions and errors in your own records by comparing them with the entries and the closing balances in Corefy's payment reconciliation system.
Automated system
Use our reconciliations API to have all the data you need at your fingertips.
Manual processes
Export Corefy's detailed statements manually by downloading a .xls file.
Direct DB connection
Gain access to the original data on all your transactions.
Get in touch with us and we will try to provide you with the most relevant offer.
Reconciliations represent a process of payment data synchronisation. Inner transactional data of a business account is compared with vendors’ statements to make sure all expected payments or/and payouts have been actually finalised (i.e. successfully processed).
The overarching aim of account reconciliation is to define the cash position and help both sides spot discrepancies or make sure all bank statements and invoices in their financial records coincide.
To better understand the concept of reconciliation, imagine two ledgers or datasets. One of these comprises all transaction details from your account, another — financial records on the provider’s side. After having been initiating payments and receiving payouts during a specific time period, it’s important to do account reconciliation.
Corefy's payment reconciliation works both automatically and manually with the use of our API. Time periods usually depend on the type and size of your business. The more transactions take place daily, the more often you should reconcile.
Tackling account reconciliation, you might stumble upon certain balance mismatches. Such discrepancies in bank statements can take place in several cases. For instance, a certain amount of money transfers or checks you’ve issued have not been processed yet. Or it can be a deposit in transit — your internal outflow is processed, but your bank is still on it.
Monitoring your internal financial processes allows you to keep your balances healthy and provides for more informed company-wide strategic decisions
Best practices show that being aware of your payments flows state is a must, for it allows you to plan and arrange further investments smarter.
There are certain tricky moments to be aware of during reconciliations:
Reconciliations as a part of accounting process are generally divided into two categories — manual and automatic. Both types are widely used but are intended for different types and sizes of organisations. The bigger the organisation is, the better it is to execute automatic reconciliation of bank statements instead of the manual one.
They also define the following types of financial reconciliations: vendor reconciliation, bank reconciliation, customer reconciliations, and internal company or business-specific reconciliation.
The essential point of reconciliations is the ability to face facts. As a part of the accounting process, it allows you to see if all the expected transactions recorded on your side were actually processed and finalised. In case there are some pending transactions, unpaid invoices, or some errors happened, reconciliations enable you to see it on time and take reasonable actions. Pinpointing weak points and spotting collisions in your records allows for proper control of your payments flows.
Our platform is fully equipped to automatically tackle instant reconciliations for several accounts (including various methods and currencies). You can also import providers’ statements in bulk and execute manual analysis of your accounts statements.
Tackling reconciliations with Corefy, which comprises best practices, you avoid unnecessary manual work. The essential points on behalf of reconciliations are reliability and time-efficiency. It helps you match the data from your accounts with that from the payment processor's or provider’s side quicker, leaving you more spare time for strategic analysis of the received data.
