In today’s ever changing financial ecosystem, the ubiquitous automated teller machine (ATM) has been known to have eased banking and necessitated personalized digital banking experience for people outside the banking premises. Fintrak Software Limited, an indigenous financial technology (fintech) has brought a home-made solution designed to solve these teething problems with ATM management and transaction. This software is designed specifically for banks that do deploy ATM machines in any location of the country.
Known as the ATM Management& Monitoring Solution, the Solution cleanses and consolidates data which exist in different forms and formats from all the sources, making analysis much easier. It is a solution that accurately monitors and manages transactions, hardware and software, cash management, reconciliation, profitability and transaction analytics. The solution aids Financial Institutions in identifying transactions that require immediate and accurate rectification.
Speaking on the importance of the ATM Solution Management software for banks and financial house, Bimbo Abioye, the Group Managing Director of Fintrak said that “For Banks, this is a necessary tool to manage and monitoring Bank’s ATM transactions, it is Cost effective (Time and Human Resources). It reduces cost of labour that is deployed in various ATM, and it also has at -a-glance Profitability Log. Most importantly the Reconciliation Process is automated. It also has unique features such as Cash Status for Terminals, Issues Monitoring, Easy Reconciliation Process, Cash Balancing, ATM Geo-location Analysis and Scalable Solution.”
Another critical factor affecting ATM across various location is what is known as terminal switch monitoring. The solution looks at this situation and tries to solve them in various ways such as looking at the total issues affecting the ATM Terminals – Which enable the early detection of transaction failures, slowdowns or anomalies. The ATM status and downtime trends which helps clients reduce the duration and severity of service outages is taken care of and the terminal switch monitoring module proactively analyses terminal health at intervals by identifying faults, optimizing IT cost, managing risk, and providing transparency for monitoring system infrastructure based on response information.
Coming with various modules such as transaction analysis both volume and type. Transaction Value and Volume Analysis: This feature give us the performing and under-performing terminals by value and volume along side their locations and also for successful and failed transactions. Transaction Type Analysis: This feature gives analysis of customers’ transaction on all terminals based on the type of the transaction being done on them including, withdrawals, payments, deposits among others.
With reports systems that will give the bank or the financial institution various types of reports such as ATM Service Status Report, ATM Transaction Type Report, ATM Issue Types Report, Terminal Usage Report, Cash Management Report, Total Transaction Value & Volume Log, Profitability Analysis, ATM Transaction Summary, ATM Transaction Breakdown, Transaction Class Report and Transaction Type Report by Value and Volume.
“The Fintrak’s ATM Management and Monitoring solution is basically designed to ease the management of any ATM for any Financial Institution scattered at various location in country and also reduce human errors and cost of these management. FinTrak Software is a global Financial Technology organization providing innovative technology and business solutions to financial institutions in the financial services sector and enterprises across continents”, Bimbo concluded.
FinTrak Software is a global Financial Technology organization providing innovative technology and business solutions to financial institutions in the financial services sector and enterprises across continents. The Company has a workforce of over 125 staff including over 90 software engineers. We have successfully implemented over 200 technology solutions for various enterprises engaged in Insurance, Commercial Banking, Mortgage Banking and Manufacturing.
The solution looks at this situation and tries to solve them in various ways such as looking at the total issues affecting the ATM Terminals – Which enable the early detection of transaction failures, slowdowns or anomalies. The ATM status and downtime trends which helps clients reduce the duration and severity of service outages is taken care of and the terminal switch monitoring module proactively analyses terminal health at intervals by identifying faults, optimizing IT cost, managing risk, and providing transparency for monitoring system infrastructure based on response information.
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