Centralised reporting and reconciliation is only as good as the data and the interface provided. In order to build a consolidated reporting environment, it is a prerequisite that the data model used is extensive across all payment methods and channels.

A key strategic requirement is to have a single source of reporting for all payments data across all financial institutions, currency processors, payment methods, channels etc.

This provides a single auditable and consolidated view of all the payments. It is the hub that links the sales you have made with the lodgements received from the various financial institutions who ultimately settle your transactions.

For this to be effective, the data model must be extensive i.e. if the currency has been converted or the transaction rejected because of a fraud rule, all this information must be available in one single source, with the ability to search, find and report using meaningful references – e.g. order references. Staff should not need access to sensitive data, such as credit card numbers in carrying out these functions, thus ensuring compliance to relevant industry standards.

Once your data model is right not only will the reporting be better but also your ability to automate fraud rules will be enhanced as the more information you collect and have, the better your fraud rules will become.

As the data model illustrated above shows... keep a track on the controls – fraud, currency and reporting needs across each channel and payment method.