What is Three way recon API?

Question

What is 3-way recon API? its use cases in real world especially in AEPS pls explain!.

Jithu Thomas · Answer

Reconciliation API: Reconciliation is a process of comparing records from different sources to ensure their accuracy and consistency. A reconciliation API might be designed to facilitate this comparison automatically, allowing systems to reconcile data efficiently. Use Cases in AEPS: AEPS is a payment system that enables bank customers to use their Aadhaar number and biometric authentication for financial transactions. The reconciliation process is crucial in AEPS to ensure that the data between various entities involved in the transactions is consistent and accurate. Here are potential use cases for a reconciliation API in AEPS: Transaction Matching: Reconcile transactions between the customer's bank, the service provider, and other intermediaries involved in AEPS transactions. Ensure that the transaction amounts, timestamps, and other details match across systems. Settlement Verification: Verify settlements between banks and service providers. The reconciliation API can help in comparing the settlement data to ensure that the amounts transferred between entities are accurate. Account Balancing: Reconcile account balances to ensure that the customer's account reflects accurate and up-to-date information after each AEPS transaction. Error Detection and Resolution: Identify discrepancies or errors in transaction data and provide mechanisms for resolving these issues. This ensures the smooth functioning of the AEPS system. Fraud Prevention: Detect anomalies or suspicious patterns in transaction data that may indicate fraudulent activities. A reconciliation API can contribute to enhancing the security of AEPS transactions. Compliance and Reporting: Ensure compliance with regulatory requirements by reconciling data for reporting purposes. The API can generate reports and logs that can be submitted to regulatory bodies as needed. Keep in mind that the specific use cases and requirements for reconciliation in AEPS may vary based on the implementation and the entities involved in the system. If you are looking for information on a specific "3-way recon API," I recommend checking the documentation or contacting the provider of the API for detailed and up-to-date information.