Kani Payments, the payment reconciliation and reporting platform, has released a new report which reveals 56 per cent of businesses still rely on spreadsheets for reconciliation and reporting.
To understand how the payments and banking industries navigate their unique reconciliation and reporting challenges, Kani surveyed 250 UK-based issuers, acquirers, processors, neobanks and e-money institutions with research partner Censuswide.
Kani’s findings demonstrate how fintechs can streamline reconciliation processes, crucial for growth and efficiency. It reveals how payment reconciliation delays are draining UK businesses of an average of £2.5 million each year
Key findings:
- Spreadsheet usage: 44 per cent of companies still rely on spreadsheets, leading to significant time and cost inefficiencies
- Primary bottleneck: The main delay in timely submissions is due to data collection and reconciliation challenges
- Need for improvement: Most payment firms agree that reporting processes need enhancement, with various barriers hindering progress
- Unique challenges: Issuers, acquirers, processors, neobanks, and e-money businesses each face distinct reporting challenge
According to Kani, outdated systems and fragmented workflows aren’t just frustrating, they’re quietly draining your team’s time, focus and compliance margins.
