Automated reconciliation: The future is MatchMaker
In the past, the financial services, accounting and banking industries were relatively ‘old school’ in their attitudes toward technology. However, the rise of the challenger bank, disruption from young fintech companies and the proliferation of regulations from GDPR to PSD2 have pulled these sectors into line. This fast-growing adoption of technology – from complex algorithms for improved risk assessment to more straightforward automation of processes – has cascaded throughout the entire financial ecosystem. Now most manual tasks can be automated. As every business needs to send out invoices and collect payments, Onguard’s automated reconciliation software MatchMaker is benefitting from this change.
In fact, the success of MatchMaker has driven Onguard to make significant further investments in its future. As a result, we have established a solid product roadmap, a growing team dedicated to its development and a host of exciting ideas in the pipeline.
However, this doesn’t mean we’re going to change its key purpose. Rather we’re considering ways to build on the product we have now, adding to its functionality and making it more useable and flexible.
“Automated reconciliation saves a lot of time so you can focus on the exceptions.”
PETER DIEPSTRATEN – Product Owner
An improved MatchMaker
MatchMaker is already able to automatically reconcile more complex invoices with payments than standard financial packages; for example when customers have been given discounts or there are other anomalies connected with the payment. We have now recently added functionalities to support remittance advices.
This will provide valuable intelligence to credit managers on expected payments. Most importantly it will ensure that credit controllers spend more time on serious debtors rather than those whose payments are already in the system. It also helps avoid a heavy-handed approach that risks damaging a good customer relationship.
As many remittances are in PDF format, a MatchMaker update will be to ensure these can be recognised and processed.
Currently, MatchMaker is available as a desktop application and as a hosted remote desktop function. In the longer-term future, we plan to create a web-based user interface, to improve multi-user (hosted) access. This will enable credit managers to gain a ‘snapshot’ of the situation wherever they are and whenever they need it.
MatchMaker has been a reliable staple of the Onguard portfolio for a number of years now. However, its success lies in its ability to do more than standard financial packages at a greater degree of accuracy. By evolving the platform to embrace newer methods of software delivery, mirroring the progress our customers are making in other parts of their IT infrastructure, we believe it can run and run.
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