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Reconciliation Meaning

Reconciliation is the accounting process used to ensure that two sets of records (usually the internal balance sheet and the bank's external statement) are in agreement. It is a critical task for any financial institution to ensure that no money has been lost, stolen, or incorrectly recorded.

In traditional finance, this process is famously manual, slow, and prone to human error.The process requires matching every individual debit and credit across systems to find a "Break"-perhaps a transaction that hasn't cleared yet or an unrecorded fee. Modern fintech companies use automated software that leverages APIs to match thousands of transactions per second, flagging only the discrepancies for human review.

This has reduced the time for bank reconciliations from weeks to minutes.The blockchain offers a "Triple-Entry Accounting" solution to this problem. Because the blockchain is a shared, immutable ledger that both the buyer and seller (and the auditor) can see, the reconciliation happens in real-time by default.

There is no need to "compare" records because there is only one record. This could eventually save the global financial system billions of dollars in back-office costs by eliminating the need for massive reconciliation departments.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.