Reconciliation

Reconciliation is the process of confirming that customer repayments have been settled, and recording these settlements in the FinverityOS. The confirmation is done by the Admin user or the Deal manager and it is the final step in the instrument workflow.  

This process ensures that financial instruments are accurately marked as repaid, which in turn, automatically updates all related credit Limits and Fees and Charges. 

How Fee calculations work:

• Repayment is initiated on the date specified by the Repaying party: Fees and Charges are calculated and applied at the moment of generating a Repayment on FInverityOS

• Repayment is Reconciled on the date specified by the Repaying party: If the Repayment was initiated but money was not sent on time, 

  • The Admin/Funder can confirm the payment as reconciled on the day funds are actually received

  • the Admin/Funder can cancel the Repayment. The Instrument will go back to the “Outstanding Instruments” queue and can be added to a future payment run. The interest (including late payment fees) will continue accruing through the whole process, until Reconciliation is confirmed