FINTRAK’S E-CHANNEL SOFTWARE ADDRESSES BANKS’ DRAWBACKS IN DIGITAL TRANSACTIONS

The reconciliation module enables maintenance of record of channels transactions, enabling near real-time representation of transactions and refund in case of technical machine problems.

E-Channel Solution reconciliation module comes with an inbuilt algorithm that decodes complex Electronic Journal Files, carry out data extraction from all available sources

Fintrak Software, an indigenous Fintech solution and software development firm in Lagos recently brought to fore their electronic channel (E-Channel) solution forvarious  tiers in the banking and other financial space. The product is designed  to address many drawbacks bankers face in various forms of electronic banking transaction, such as data collation and analysis in their various electronic channels.

Speaking on the importance of the solution, Bimbo Abioye, the Group Managing Director of Fintrak Software Limited said” Fintrak E-Channels solution aims to aid financial institutions to extract and create insights from data obtained from all the electronic channels customers carry out transactions through. These electronic channels include ATM, POS, USSD, Agency Banking, Mobile Banking, AND Internet Banking.”

He also added that “The solution that banks and other financial institutions need, must be able to quickly and accurately collect data off of all electronic channels and other data sources (where applicable), analyse and visualize them in order to enable stakeholders can easily make informed decisions to increase sales or boost other performance metrices on those channels. These are the core things that Fintrak e-Channel solutions are addressing.”

With loaded features embedded in the solution such as reconciliation module, ATM module, POS module, SSD module, Agency banking, Internet banking, Mobile banking and debit/credit Card business module.  The reconciliation module stands out. This module enables maintenance of record of channels transactions, enabling near real-time representation of transactions and refund in case of technical machine problems.

Speaking on this particular feature, Bimbo Abioye opined that “With the use of a consolidated database (picking data from CBA, e-Journals among others), the solution is able to store the opening and closing balance for each day or for each cash cycle of every ATM. This helps the users to keep a track of all the source data. The data being extracted from various sources can be consolidated from all legitimate bank sources; it becomes easier to trust reports which are generated on periodic duration. This helps the user determine settlements for shortage or excess of cash observed in the ATM Machine and other channels.”

Made up of different modules that will be addressing various types modules such as ATM module, POS module, SSD module, Agency banking, Internet banking, Mobile banking and debit/credit Card business module. The software is designed to specifically addresses these drawbacks in one platform.

Olakekan Adewale, Unit Head, Data Warehousing and Business Intelligence, Fintrak said “The Fintrak E-CHANNELS solution is a highly scalable and robust management solution, An E-CHANNEL solution that provides all the functionality needed. There are many modules in the e-Channel solution, including ATMs, POSs, USSDs, Agency banking, Internet banking, mobile banking, and card business modules based on what channels the client offers.

Adewale added that “Unlike most of the solutions in the market currently, Fintrak e-Channel solutions has many objectives such as an automated end-to-end e-Channel solution that displays data as needed by teams. “

“With various scope of the software such as Data Extraction, Data Integration, Data Cleansing, Data Analysis, Report Building and Visualizations, Volume and Value Monitoring, Transaction Management, Revenue Analysis, Budget Analysis and all other Reporting Requirements as needed by client. E Channel software helps organizations in cleansing and analysis of data, each module provides reports such Transaction Count and Value by branch, region and customer. Successful versus Unsuccessful transaction summary. Also reports on other transactions such as Actual ATM (volume and value) versus budget, Transaction Failure rate analysis, Transacting Customer Analysis, Active Ratio analysis and Predictive Analytics”,Adewale concluded.

The FinTrak E-Channel Solution reconciliation module comes with an inbuilt algorithm that decodes complex Electronic Journal Files, carry out data extraction from all available sources and provide a status for any transaction ID in no time.

Anthony Emeka Nwosu

“With various scope of the software such as Data Extraction, Data Integration, Data Cleansing, Data Analysis, Report Building and Visualizations, Volume and Value Monitoring, Transaction Management, Revenue Analysis, Budget Analysis and all other Reporting Requirements as needed by client. E Channel software helps organizations in cleansing and analysis of data, each module provides reports such Transaction Count and Value by branch, region and customer. Successful versus Unsuccessful transaction summary. Also reports on other transactions such as Actual ATM (volume and value) versus budget, Transaction Failure rate analysis, Transacting Customer Analysis, Active Ratio analysis and Predictive Analytics”