Empowering Growth Across Different Sectors
The Internet has made it far easier to transact within a domestic as well as in international markets. A plethora of payment intermediaries like aggregators and gateways have extended the payment rails across the world. Users now can confidently send even micro payments to far flung areas of the world without worrying too much about the friction charges.
The insurance industry heavily relies on data, from claims and payments to underwriting and fraud detection. However, insurers often face challenges in managing and reconciling this data efficiently. The insurance industry faces increasing pressure due to increasing customer expectations, changing policies, evolving technologies, and rising cost.
With the spread of the Internet, lending industry players are able to reach out to borrowers more directly. This has increased in the rise of macro as well as micro lending. A lot of regionalized lending marketplaces have sprung up which facilitate interaction between lenders and borrowers while also shoring certain risk elements.
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.
Reconciliation is a critical accounting process that ensures financial data matches across different systems. While this is a common practice in businesses, it has become a major headache for restaurants. With the emergence of new delivery platforms, each operating in its own unique way, the reconciliation process has turned into a full-blown migraine for operators of restaurants.
Payment reconciliation is a crucial process for retailers to maintain financial accuracy and to ensure smooth operations. In the retail industry, where transactions are frequent and in high volume, reconciling transactions can be time-consuming and complex. However, by implementing best practices and leveraging automation tools, retailers can streamline these processes to improve efficiency and accuracy.
Thanks to the Internet, a lot of marketplaces are thriving in the industries like retail, food tech, payments, lending, taxi service, rentals, to name a few. These marketplaces span across industries and geographies bridging the gap between customers and businesses.