In todayís dynamic telecom industry, Service Providers face problems in accurately reconciling and reporting customer payment transactions and adjustments because of the complexities involved in cash management activities. It gets really difficult for them to handle data reported across all payment channels, banks, merchant service providers, and other service vendors. Ensuring processes, systems and people are all working together with the appropriate controls in place is a monumental task. Because of the increase in number of payment channels and the complexity involved in customer payment transactions and cash management processes, revenue assurance around cash management activities plays an important role.
Payment Channel Assurance Solution
Payment Channel Assurance is the use of control systems and processes to reduce the manual intervention to accurately reconcile and report customer payment transactions and adjustments in a service provider organization. In addition, Payment Channel Assurance helps in automating the validation of fees and charges associated from direct and indirect Partners.
ROCware Payment Channel Assurance by Subex
Subex’s ROCware can be instrumental in providing the Payment Channel Assurance capability to Service Providers. It can help them align payment channels with billing and General Ledger.
ROCware automates payments reconciliation, reporting and validation processes that are currently limited by human, process and technology resources. It ensures that all payments posted in Service Providers’ billing systems and POS (Point of Sale) systems are valid and complete, all cash is received from various payment processors in a timely manner, and that related cash, expenses and revenue are validated and properly accounted for in Service Providers’ accounting records in accordance with GAAP (Generally Accepted Accounting Principles).
- Accurate validating and reporting of transactions - Accurately validating all customer payment transactions and payment related adjustments from time of payment receipt to the time of recording of the transactions in the accounting records
- Improved operational and financial controls - Operatorís operational and financial controls around customer payment transactions and cash management processes are improved
- Improved productivity and accuracy - Improved operational productivity and accuracy by automating key functions within the cash and payment management processes
- Quick analysis of complex data - Operators would be easily able to analyze the data based on stores and channels from a commissioning perspective which was considered to be a complex operation
- Easy validation of fees and charges - Operator would be able to validate fees and charges associated with the customer payment transactions
- Unprecedented view into cash flows - Provides operator with better visibility into the factors that drive cash flows