Bankable: At The Heart of the Reconciliation Process

The solution optimizes the reconciliation process through a virtual account management (VAM) platform, which enables clients to replicate their operational structure and create an unlimited number of virtual accounts segregated by country, division, or business units for simplified reconciliation processes. This innovative solution acts as a reconciliatory layer on top of accounts, which makes the need to maintain a huge number of accounts obsolete—and enables enhanced and efficient cash management for global corporates. Clients therefore benefit from a simplified bank account structure, reduction of the processing costs on the payment and collection side, optimization of the reconciliation process, as well as better risk monitoring—whilst full solution implementation can be wrapped up under a few months. For banks, the platform can also come white-labelled with the client’s branding and bundled as part of a new solution offering.

Likewise, in a scenario where numerous vendors and clients are part of a specific marketplace and as Bankable offers real-time clearing and settlement for all parties’ accounts, the company’s solutions actually go beyond reconciliation purposes. Indeed, Bankable has built a financial processing engine that is business-case agnostic and adept at handling different business functions (including accounts, payments and processing).

How Bankable helps companies

Bankable’s capacity to deliver agile payment solutions helped them grow as a key stakeholder in the reconciliation landscape. “The optimisation of the reconciliation process is our core business,” begins Mouilleron. As a reference, he cites an instance in the insurance realm where an insurance fee of $10 is charged to the flyer when buying a ticket online for a New York-bound flight. If there is a flight delay of two hours, the insurance company is obliged to compensate each flyer with $200. “We have plugged in our platform to the delayed flight’s database such that the flyers receive a real-time payment notification on their mobiles, substantially increasing customer satisfaction. From a payer’s perspective, back offices’ processes have been drastically automated and associated costs reduced,” Mouilleron explains.

Presently based out of Europe, Bankable is amidst exponential growth— with key markets targeted including the U.S. and Canada.