86400 (an initiative By Mobileware Technologies) has developed its proprietary Reconciliation Engine, a solution built to simplify transaction-level reconciliation across the digital payments ecosystem.
The engine, currently in the final stages of development, will transform how banks and FinTech manage reconciliations by providing single-point data transparency, automation at scale, and faster dispute resolution.
The Reconciliation Engine is switch-agnostic and consolidates transaction data from the customer’s payment switch (UPI or more), the bank’s Core Banking System, and NPCI raw files. It reconciles the true status of each transaction by identifying and resolving mismatches or discrepancies across these reports. The outcome is a final reconciled transaction file, considered the single source of truth for settlement and reporting.
Reconciliation has long been one of the most overlooked yet operationally critical functions in digital payments. Even today, traditionally, banks and Fintechs rely on fragmented, manual processes with multiple vendor touchpoints, making transaction reconciliation complex, error-prone, and slow.
The recent updates to UPI guidelines and growing discussions around enhanced security features such as biometrics (fingerprints, iris scans, and other unique identifiers) might strengthen security but continue to face rising payment failures and fraud cases often caused by outdated banking tech stacks.
As per RBI data, in the financial year 2024–25, frauds related to payment cards and internet banking doubled to approximately Rs 1,457 crore, compared to Rs 520 crore the previous year. The number of reported fraud attacks also rose significantly to 29,000 incidents.
86400’s Reconciliation Engine addresses these challenges head-on by generating a single, consolidated, and verified record of each transaction.
Designed to bridge critical gaps in today’s payment infrastructure, the engine stands apart from conventional solutions by leveraging its role as a Technology Service Provider (TSP). This unique position allows it to serve as a single, trusted data touchpoint, offering banks and Fintechs complete transparency without the complexity of coordinating across multiple vendors.
The engine also brings in automation at scale, moving away from manual-heavy processes that often lead to errors and operational delays. By reconciling transactions directly at the switch level, 86400 enables faster dispute resolution, reducing dependencies on third parties and ensuring a seamless experience for both institutions and their customers.
“Reconciliation has always been a silent pain point in digital payments, often pushed behind larger conversations around speed and security. With the launch of our Reconciliation Engine, we are addressing this core infrastructure gap head-on.
By creating a single source of verified truth across systems, we are not only reducing errors and disputes but also restoring confidence in digital transactions for banks, Fintechs, and ultimately the millions of consumers they serve,” said Satyajit Kanekar, Founder & CEO, 86400.
Amitabh Kanekar, Co-founder, 86400 added, “Part of 86400’s larger vision has always been to simplify the most complex layers of the payments ecosystem. The Reconciliation Engine embodies this vision and brings transparency, automation, and agility into one framework. It also allows our partners to move away from outdated, fragmented reconciliation methods and instead rely on a future-ready system built for scale, compliance, and trust.”
The Reconciliation Engine is being built to support major payment systems, including UPI, IMPS, BBPS, AePS, RuPay, and NFS. Hosted securely in the cloud, it will be delivered as a standalone, API-driven product with a built-in monitoring dashboard to streamline compliance, audits, and reporting.
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