Cardaq, a card issuing and acquiring specialist serving low and medium-risk businesses, has selected a solution from Kani Payments, the global data reconciliation and reporting platform, to support its regulatory and compliance reporting, as well as other payment functions.
Cardaq will benefit from the solution from Kani Payments which also supports reconciliations, QMR reporting, Mastercard fee and invoice analysis, interchange and acquiring fee analysis.
Designed with scalable implementation in mind, the solution offers the potential to expand and develop as Cardaq grows in the future – through the possibilities of deeper integration, more advanced reporting capabilities, and continuous support for regulatory and compliance needs.
Kani’s SaaS platform rapidly ingests and standardises transaction data from diverse sources, reconciles large datasets in seconds, and delivers a range of pre-formatted or bespoke reports. It says this process saves its clients up to $500,000 per year through automation of common reporting outputs and reconciliation.
Initially available to Cardaq’s UK customers, the strategic move will enable increased growth and regulatory adherence for Cardaq while also promising an enhanced solution for its customers.
Roger Binks, chief commercial officer at Kani Payments, commented: “The partnership between Kani Payments and Cardaq addresses significant industry challenges, including the implementation of automating reconciliations at pace, effective regulatory compliance, and fee apportioning. Ultimately, Kani Payments exists to help disruptive fintechs like Cardaq to thrive and grow with our automated data reporting and reconciliation platform that gives it the space it needs to scale.
“By automating manual processes, improving reconciliation accuracy, and providing detailed reporting and analysis tools, we are enabling Cardaq to focus on giving its customers outstanding products and services. We are proud to do the heavy lifting of making complex data simple and standardised.”
The power of automation
The platform is also the only data reporting and reconciliation tool that can automate the required output of the complex card scheme reports – Mastercard’s Quarterly Mastercard Reporting (QMR) and Visa’s Global Operating Certificate (GOC) – from three weeks to just minutes.
Hugo Remi, CEO at Cardaq, added: “Kani Payments was the clear choice for us due to its comprehensive and customisable reporting tools, expertise in regulatory compliance, and the ability to automate complex financial reconciliations.
“The option to immediately integrate with existing systems and manage a high volume of transactions were added benefits for us and our customers. We are confident that the implementation Kani’s solution will give all our customers a unique service level and the highest accuracy in financial reporting.”
