Electrum Finance

Electrum Finance 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 options for facilitating the recon process with each corporate client:

Electrum extracts only. This is used if a 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. 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.

Receive Transaction Extracts Supplied by Electrum

Locate and download daily mark-off files supplied by Electrum from the Mark-offs folder for the relevant processing day in your dedicated AWS S3 directory.

You can view Electrum's file specification here.