What is FinTech Nodal Account Reconciliation?
Nexa Consultancy | Startup & Finance Glossary
Payment aggregators must use a Nodal Account to hold customer funds before settling them to merchants. Reconciling the funds received, funds settled, and fees deducted in this account on a daily basis is a critical and complex compliance requirement.
Startup Example: A FinTech PA processes 10,000 transactions a day. Their finance team must reconcile every single transaction from the gateway, through the nodal account, to the final merchant settlement, ensuring no funds are misplaced.
Our FinTech vCFO service specializes in this process.