- Before ReckoAfter Recko
- Large volumes of transactional data was manually reconciled Quickly get a comprehensive view of an entire day’s reconciliation
- Financial data was tracked at a gross levelCreate a single-window view of transactional aging, refunds, commercials, and receivables to the last penny
FamPay scales its Finance Operations seamlessly with Recko
Recko adds value with real-time analysis and insights that help tackle the day-to-day questions that arise in finance and operations, such as aging of transactions, commercials analysis, examining irregularities in reports, etc.
FamPay is India’s first neobank for teenagers and their families with an aim to provide them with convenience. With FamPay, teens can pay through UPI, P2P, and cards without having a bank account. Parents can send teenagers money securely anytime and anywhere making payments fun and smooth for the GenZ.
Before Recko, there was no automated process to perform reconciliation at FamPay. So when it came to reconciling transactions, the team would analyze reports at a gross level. In addition, as an early stage startup, they had to concentrate on multiple other tasks. Manual reconciliation was resource-intensive; The finance team would need to hire more people as data volumes kept increasing and 3-4 hours a day was spent on reconciliation. In addition, Excel wasn’t very responsive to large volumes of data and would crash or become slow. This led the team at FamPay to decide that the reconciliation process should be automated at an early stage instead of investing in a solution later.
With Recko, FamPay was able to bring agility and speed into its Finance Operations. In Tiara’s words,
FamPay uses Recko to solve three major challenges. First, since FamPay follows a T+2 day settlement cycle, it's important to know if there is a delay in settlements made by their PG partner. If there is a delay in the settlement, they will follow up with the payment partner to understand the reason. Second, in analyzing FamPay’s charges. This is important as they need to learn how much they’ve been charged based on their agreement. Third, would be volume. This is to learn how good they’re in terms of wallet loads. For instance, if any amount gets settled in their wallet, it needs to be settled to FamPay. The additional aspect is to determine the volume of transactions that’s been carried out by FamPay on a daily basis. To understand if their volumes have increased or decreased.
With Recko, FamPay has a comprehensive visibility into the entire day’s reconciliation. When compared to the previous process, their operational efficiency has increased by 80%-85%. In addition FamPay also identifies delays or discrepancies with their PG if settlements have not been made or if they’re overcharged. This would have been quite challenging to identify previously as performing reconciliation would have consumed more time leaving them with very less time to analyse any other gaps.
In terms of scalability, Recko has been great. When FamPay’s transactional load increased by 25-30% after their annual flagship event, FamJam, Recko was able to seamlessly reconcile the transactions with the growing transactional demand.
- FamPay’s finops team is able to focus more on improving the transactions performance for their users than just doing recons manually.
- Operational efficiency increased by 80-85% compared to their previous process.
- Ability to seamlessly scale their Finance Operations when their transaction volumes scaled by 25%-30% in the past month.
- Spot discrepancies very early with an accuracy of 98%.
- Save 240 man-hours for every person in the Finance operations team monthly