Any business that handles payments, especially those that handle large volumes of transactions, benefit from a unified transaction reporting tool. Unified reporting enables teams to automatically gather payment data into one platform to significantly ease internal operations and reduce costs amongst many other advantages. In this article, we discuss what is unified reporting and how your business can benefit from it.
Automated and unified transaction reporting is the automatic compilation of all payment data. This includes all types of payments such as Direct Debits, bank transfers, card transactions and e-invoices. An automated reporting tool also tells you some key pieces of information such as the status of each transaction and the payee’s details, so that each transaction is easily traceable.
Any business that handles payments has a reporting system where they can keep track of all payment information. Automated reporting tools, as the name suggests, automatically gather all the payment information in real time. On top of that, companies can access a single reporting file (unified reporting), which enables them to access payment information from multiple providers through a single dashboard.
Unified reporting offers a much clearer view of all payment transactions, making it easier to collect and analyse data. Having a single reporting file enables companies to easily view all the data in one dashboard and instantly draw insights from it. Payment data insights are great enablers of success, as they can be used to dive deep into customer behaviour. Knowing your customers’ habits and preferences makes it easier to make informed business decisions, such as the launch or development of new products.
Without a unified reporting tool, companies would have to manually gather all the data from different providers. This naturally requires a lot of human resources and time, adding extra pressure on finance teams. This is particularly relevant for large companies with large customer bases, that need to deal with a wide range of providers and receive a reporting file from each of them. With a unified reporting tool, teams can also quickly access the information they need, and focus their time on other relevant areas. Besides, data reporting leaves room for manual errors, so an automated and unified reporting tool can be used to ensure data accuracy.
Extracting, analysing and delivering payment data not only puts a lot of pressure on finance teams, but also requires a lot of investment in new tools and integrations. This is even more difficult for companies that rely on antiquated IT infrastructure, incompatible to most new technologies. Automated reporting tools and, in particular, access to a single reporting file can contribute to faster and better business decisions, which will reduce costs in the long-run.
Compliance with regulations is a focal point for every company. The most efficient way to ensure regulatory compliance is to have quick access to all payment information, so that companies can easily check transactions, analyse customer behaviour and flag any patterns that may be indicative of fraud. Though there are many tools on the market for automated fraud checking, having full visibility over your transactions can really be beneficial to show compliance and to more easily solve any eventual fraudulent activity.
Imburse is a cloud-based payments middleware connecting large enterprises to the payments ecosystem, regardless of their existing IT infrastructure. Through a single connection to Imburse, enterprises can collect or pay out using a variety of payment technologies and providers around the globe.
In a world where consumers payment preferences and technologies are ever-evolving, Imburse works with insurers to future-proof their payment requirements. Regardless of the business area, market, or requirements, Imburse will connect you to your choice of technology and provider.
Reach out to our team below should you want to discuss how Imburse can help you. Our team is happy to show you what our platform can do for your business and offer you a free demo.