For many companies, the reconciliation of payments data is time-consuming and costly. Some studies have shown that over 30% of a financial institution’s back-office labor costs are associated with reconciliation activities. And the reconciliation process has become more complex with the rapid adoption of faster payments. That coupled with rapidly growing transaction volumes has made manual and batch reconciliation processing insufficient and can lead to millions in financial discrepancies.

If your company is facing any challenges with payments reconciliation, you don’t want to miss the latest “Off the Rails” podcast by the U.S. Faster Payments Council. During this episode, FPC’s Reed Luhtanen has an insightful discussion with Tony Cook, APRP from FirstBank and Donna Blum from BHMI about the reconciliation process, some of the key challenges, and the importance of automated real-time reconciliation.