Qatar National Bank
Banks Fintech Middle East & Africa Partnerships Paytech

QNB Signs on the Dotted Line for FSS Smart Recon to Modernise Reconciliation Operations

Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa is to incur a multi-country integration of FSS Technologies‘ solution.

The integrated payment product and payments processor is to join a multi-country engagement with QNB to assist the efficiency of its reconciliation operations.

FSS Smart Recon and Dispute Management have been implemented in QNB Qatar and QNB Oman to address customer disputes.

The surge in digital payments adoption combined with the emergence of new payment rails and greater regulatory oversight in the MEA region has fuelled the need for digitalising critical reconciliation systems.

FSS Smart Recon will automate and provide greater control over financial close processes and is a crucial component of QNB’s strategy to be digital to the core.

FSS Smart Recon manages the reconciliation process for multiple payment types, including data aggregation and transformation, transaction matching, exception analysis and management, dispute management and settlement.

FSS Smart Recon’s integrated functionality spans crucial aspects of the reconciliation lifecycle, including data aggregation and transformation, transaction matching, exception analysis and management, dispute management and settlement.

The centralised solution enables QNB to achieve greater agility through efficient back-office operations.

By optimising time-intensive, manual tasks, FSS Smart Recon lowers reliance on IT support teams and rationalises manpower costs by 30 per cent; helping QNB to reap substantive efficiency gains.

The streamlining of reconciliation processes has further helped achieve a 50 per cent improvement in exception handling time, which translates into lower dispute volumes and higher customer satisfaction.

Nedhal Al-Nuaimi, general manager group operations, QNB Group
Nedhal Al-Nuaimi

Commenting on the partnership, Nedhal Al-Nuaimi, general manager group operations, QNB Group said: “In an era of rapid payments digitalisation, it is imperative that our back-office operations are in step with market-facing innovations.

“FSS’ experience in serving reconciliation needs of financial institutions has helped us transform our core reconciliation operations to better manage risk, address need for timely compliance with regulatory demands and achieve operational excellence.”

Jaishankar A L, CEO, FSS Paytech
Jaishankar A L

Jaishankar A L, CEO FSS paytech, added: “FSS Smart Recon draws on our experience of serving transaction reconciliation needs of global banks. We are pleased to be working with QNB to modernise reconciliation operations while protecting its cost base as volumes ramp up.

“With our zero-touch solution, we are confident that we would help QNB scale to address reconciliation needs for new payment opportunities that lie ahead.”

QNB leverages FSS Smart Recon to perform two-way and three-way card reconciliation between Switch, Interchange, and the core banking systems for Mastercard, VISA, China Union Pay, JCB and Amex. 

FSS Smart Recon supports transparent and auditable workflows that provide complete visibility into the reconciliation process through each stage of the financial close cycle – from data ingestion to financial posting.

Dynamic dashboards empower reconciler and management teams with business and operational insights for improved operational and business decisioning.

Benchmarked to support 1 billion transaction records in an hour, can efficiently accommodate diverse reconciliation workloads.

The FSS Dispute Management module will soon be deployed by QNB Sudan.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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