The company also states that it was a 71 percent growth than 2018. Zelle is a digital payment network owned by Early Warning Services. As per Early Warning Services, LLC, a provider of fraud prevention and management services headquartered in Scottsdale, United States, 171 million transactions were conducted through the Zelle network during the mid of 2019. With the continuous rise of person to person payments (P2P), reconciliation has become difficult to manage. This shows that there is a steady adoption of software solutions mainly due to a lack of awareness and knowledge about the solutions. According to a 2018 research by Banking Circle on the United Kingdom's Insurance industry, 28 percent of the market relies on manual reconciliation methods whereas, only 4 percent have fully-automated reconciliation solutions eliminating human intervention. This tremendous growth has surged the need for automated reconciliation processes among the end-users. The trend of digital and online payment adoption continues to show exponential growth among consumers and businesses. These factors are likely to drive the market growth. As the volume of transactions increases, the automated reconciliation empowers businesses with enhanced flexibility and efficiency to meet consumer expectations for security, and convenience. The automated recon software introduces automated workflow processes that minimize data manipulation and provide a complete audit trail analysis. Automating reconciliation software enables financial institutions and businesses to match transactions on a single unified platform.
Financial institutions such as banks, insurance companies, among others are managing payments at an increasing pace across several touchpoints cash, debit & credit cards, mobile and online payments.
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