Rising demand for secure, and transparent, and cost-effective transactions is likely to increase the demand for reconciliation software. Such automated software is used in banks and other enterprises offering financial services to enhance their reconciliation operations.
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Automated Financial Software to Leverage Financial Services
Major product-variants of reconciliation software are cloud-based and on-premise. Both the products are effective enough to attract organizations dealing with financial services to boost their operations. For instance, MRI Software and KeyBank have recently signed an agreement to partner up. Both the companies are based in Cleveland city. According to this agreement, the latter is going to provide complete access to its payment automation solution to the former.
KeyTotal Pay is an automation software designed by latter to optimize vendor payments, eliminate paper checks, and streamline reconciliation. The former is planning to shift its entire on-going vendor engagements and post-payment activities to the software while retaining research information. The automated software is likely to offer maximum electronic payments maintaining security and transparency.
The global reconciliation software market is likely to exhibit high volume by 2022, according to a report on Radiant Insights, Inc. It is expected to display a stable CAGR during the forecast period (2017 to 2022) due to impressive adoption of automated banking solutions. Rising need for implementation of customer-centric baking solutions can propel growth of the market. High adoption of standardized activities in banks may also contribute to the market expansion in near future. Growing necessity for reduced reconciliation time and high quality can further augment market growth. Moreover, continuous technological advancements and wide scope of improvement are anticipated to drive the market over the forecast period.
Some of the key players contributing to the market for reconciliation software are SmartStream, BlackLine, Adra, Enterprise, and ReconArt.
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