Back Office

The Electrum Back Office is a collection of tools to facilitate the reconciliation of transaction records between multiple parties and generation of reports based on reconciliation results.

Reconciliation

Reconciliation (also referred to here as recon) is a detailed comparison of two or more sets of data that describe the same transaction. The aims are to ensure that parties on either end of the transaction have the same view of the transaction outcome, and to identify, investigate, and resolve any discrepancy.

Usually, only financially impacting transactions are considered. Informational transactions – such as lookups – are typically not included in recon processes.

Electrum offers the following two options for facilitating the recon process with each corporate client:

Electrum full recon. This is used if the corporate client opts for Electrum’s Back Office engine to reconcile all transaction records between the view of the client and the view of the EPC processing engine. To make use of the full recon option, the client must:

• Supply a daily mark-off (referred to as a transaction extract) file to Electrum containing all transaction records processed by the client during that day.
• Receive a daily set of recon report files from Electrum containing all matched, unmatched, and partially matched transaction records as a result of Electrum’s recon processing.

Electrum extracts only. This is used if the corporate client opts to receive Electrum’s view of all transaction records each day, and uses this to perform their own recon with their processed records. To make use of the extracts only option, the client must:

• Receive a daily mark-off (referred to as a transaction extract) file from Electrum containing all transaction records processed by Electrum during that day.
• Compare Electrum’s mark-off records with the client’s own transaction records for reconciliation.