Automatic Reconciliation
Instant reconciliation with unified view of data across parties and systems. Vendia eliminates the need of manual resolution of discrepancies, driving efficiency gains and accurate, auditable and compliant reporting.
The problem
Reconciliation refers to the process of aligning data from different parties or systems, while correcting discrepancies and errors, in a continuously changing data ecosystem. This process could involve variety of data sets, such as customer account lists, financial transactions, invoices, or inventory records.
Majority of the times, these processes require people (not machines) to handle discrepancies and, in some cases, make informed decisions based on unwritten rules, which can be confusing at times as well as lead to compliance violations. Reconciling at a pace far slower than the pace of business, leads to increased costs (more data to reconcile), increases risk (more chances of a violation), and increases friction (data not available when you need it).
The impact
Impacts of manual reconciliation on your business
Costly and inaccurate
Manual reconciliation processes are time-consuming and prone to errors, which can result in discrepancies, missed items, or incorrect reporting, requiring significant human effort and resources, both pre and post reconciliation.
Lack of control and increased risk
Manual processes are susceptible to human errors, where controls and compliance can fall through the cracks, resulting in increased risks such as regulatory fines, leakage of sensitive and proprietary data, fraud, and overall loss of brand reputation.
Inefficient cash flow management
Manual reconciliation often leads to delays in identifying and resolving discrepancies with collections, payments or managing working capital, impacting overall cash flow for the company.
Our differentiation
Vendia’s data automation platform with proprietary consensus approach, keeps data from all parties and/or systems in sync at all times, eliminating the need for "after the fact" reconciliation.
Proprietary consensus protocol
Unlike ad hoc manual or period batch processes to reconcile data among parties, Vendia handles reconciliation instantaneously, leveraging our proprietary consensus protocol, which is based on blockchain technology.
Auditable ledger
Unlike other solutions, Vendia maintains an auditable, tamper-proof ledger that keeps track of every reconciliation decision, including its inputs and outputs.
Real-time conflict awareness
If conflicts do arise during the reconciliation process, all impacted parties are immediately made aware and can act. Timely action drives efficiencies and minimizes any downstream impact.
Resilient, secure, and fully managed cloud infrastructure in minutes
Manual reconciliation often leads to delays in identifying and resolving discrepancies with collections, payments or managing working capital, impacting overall cash flow for the company.
Easy partner onboarding and integration
Unlike solutions that require large development teams just to onboard a new partner, Vendia enables partners to collaborate with a single click. We offer low-code no-code platform which can be used by developers as well as business analysts, enabling seamless event-based integrations with existing systems like ERP, CRM, Data Lakes, Analytics, and ML tools.
Trust, security, and control
Unlike a centralized approach to data sharing, Vendia allows each participant to retain full control of the data they share. Participants can choose whom to share with, and how much to share by partner, record, and field basis. Additionally, each partner can customize their preferred authentication and authorization mechanisms, without impacting others.
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