Online gaming has been increasing in popularity with millions of players engaging in their favorite games and even earning real money. With a set up of many-to-many payment flow, the online gaming companies face challenges related to reconciling transactions across multiple payment gateways with bank feeds and internal order management systems (usually internal sources of truth). And, eventually the financial details have to be docked into a bookkeeping system.
Needless to say, reconciling data from disparate data sources manually is a labor-intensive process. The approach requires fetching data from different sources which provide data in different formats. A lot of time gets lost in reformatting the data sets before any kind of analysis can be done. Moreover, payment intermediaries settle data into bank accounts through batch processing. This necessitates that the data should be disaggregated at transaction level before data can be reconciled with cash settlement. These steps have to be done for both the settlement and payout sides.
An inefficient reconciliation process can lead to a lot of issues like lack of tracking, reporting, and monitoring. These issues usually lead to business impacts like revenue leakage, overpayments and auditing challenges.
Kosh.ai streamlines reconciliation processes by holistically automating all the steps like fetching, reformating, and reconciling data. The Kosh platform auto reconciles each and every transaction level ensuring very fine granularity. Consequently, the platform is also able to automate downstream processes like tracking, monitoring, and reporting by providing rich analytics. The platform thus helps not only in controlling revenue leakage, overpayments and auditing challenges but can also help track fraudulent transactions. Finally, the platform closes the loop by docking the details in an accounting or bookkeeping system. The platform can integrate with the existing IT infrastructure of a company.
By automating every process, Kosh.ai significantly reduces man hours. It can cut cycle time by 99% and cost by 65% while ensuring 100% accuracy.
Online gaming companies face substantial challenges in reconciling transactions due to the intricacies of many-to-many payment flows and the involvement of multiple payment gateways. The reconciliation process becomes labor-intensive and time-consuming when dealing with diverse data sources, including bank feeds and internal order management systems. Implementing automated bank reconciliation software for business can significantly alleviate these challenges.
Manual reconciliation of disparate data sources in the online gaming industry poses significant challenges, introducing inefficiencies such as a lack of tracking, reporting, and monitoring. This manual approach increases the risk of issues like revenue leakage, overpayments, and difficulties in auditing, emphasising the need for advanced solutions like an automated reconciliation system.
Kosh.ai, designed as an integrated treasury management system for businesses, including those in fintech services, addresses these challenges for online gaming companies. The platform automates the fetching, reformatting, and reconciliation of data, ensuring accuracy at a granular level. This automation streamlines processes, enabling efficient tracking, monitoring, reporting, and even fraud detection.
Moreover, Kosh.ai seamlessly integrates with the existing IT infrastructure of online gaming companies, including internal order management systems and accounting systems. Its adaptability and versatility, especially as bank reconciliation automation software for Business, make it a comprehensive tool without causing disruptions to current processes.
Kosh.ai significantly reduces man-hours, cuts cycle time by 99%, and lowers costs by 65% in the online gaming industry. This not only ensures efficiency and accuracy in financial operations but also allows companies to allocate resources to strategic initiatives. The platform's capabilities, especially as an automated cash reconciliation solution, align with the need for sophisticated tools to automate finance processes, making it an invaluable asset for online gaming companies looking to enhance their reconciliation efficiency.