How FinFlag’s Solution reconciles transactions for international money transfer companies

B-Cephal reconciliation solution offered to HomeSend



Numerous Fintechs are active in the fast growing global cross-border fund transfers activities, a sub-segment of international payments that has drastically evolved over the least few years through the deployment of the mobile technology. They provide services to more than 1 billion people sending and receiving remittances, for more than $700 billions.

Sending and receiving money has become faster and more seamless than it used to be when you had to go to a cash-in desk, pay humonguous fees and wait for your money to arrive to your correspondent who had to cash it out.

Nowadays, the user lives a seamless experience: no need to visit an agent, send funds from its mobile, the transaction is completed in a few seconds for a fixed fee, the exchange rates are advantageous and the transaction can be tracked end-to-end via an app.

This much improved UX has been made possible with the appearance of Fintechs like WordRemit, Wise, Paysend, Xe,… And the pandemic has not slowed down the growth. WorldRemit saw a 100%+ year-on-year growth in the first months of the pandemic.

With such a growth, customer facing processes must be well oiled. But back-office functions (ie not interfacing directly with the customers) should similarly be focused on. One of which is the reconciliation of the financial flows. Reconciling incoming flows with outgoing flows, conversion rates between different currencies, fees applied to transactions, … are paramount to manage financial exposure and risks and to ensure the profitability of these Fintechs. With their exponential growth, a manual reconciliation process is not sustainable: it is not scalable, it is prone to errors, it is difficult to audit, etc.


This was exactly the situation of HomeSend, a global cross-border funds transfer operator connecting Sending and Receiving Financial institutions, giving them a global reach with one single connection. HomeSend connects a large base of Sending and Receiving financial institutions spread across the globe with millions of transactions transiting on its network and fast growing.

While the reconciliation process was initially manual, the CFO identified early on the need to automate the reconciliation process to free-up ressources and redirect them to more value added activities.

Her search was broader than a simple tool reconcilying transactions: she was looking for a system able to reconcile the full value chain, including the refunds, the currency conversion, the various fees applied, the trade, the fundings,…. but also providing reporting capabilities, audit logs and controls, accounting entries.

FinFlag and B-Cephal, its no code reconciliation solution, were the perfect fit to HomeSend needs.

Relying on its deep understanding of the payment environment, FinFlag rapidly developed a Proof of Concept demonstrating the relevance of its no-code reconciliation tool and subsequently rolled out the tool, in a few weeks time, per HomeSend requirements.


In addition to freeing up time and redirecting team bandwidth, B-Cephal reconciliation solution brought many benefits to HomeSend :

  • Maintained data integrity
  • Standardized and enriched data
  • Automated, scheduled & controled reconciliation routines
  • Customized reconciliation rules
  • Standard & ad-hoc reports
  • Generated audit logs

Client Testimonial

“We made the right choice with B-CEPHAL Reconciliation… We are now automatically reconciling approximately 98% of our transactions in multiple currencies. By automating our reconciliation processes, we have re-oriented non-productive, heavy manual tasks to focused added value analysis and improved our financial accuracy. We also increased our commercial and trust relationship with the customer.”

(Patricia Decuypere, CFO HomeSend, a Mastercard owned company)

Other customers enjoying the benefits of FinFlag’s reconciliation tool include Settlement Agents, ATM & POS acquirers…

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