Global Data Reporting Pioneer Kani Payments Tapped by UK Green Neobank Frost to Strengthen Reconciliation and Scheme Reporting

Digital banking
02.05.2023 10:00 am

Kani Payments, the disruptive global data reconciliation and reporting pioneer, has been selected by UK climate-conscious neobank Frost as its preferred platform for settlement reconciliations and payment scheme reporting.

Established in the UK in May 2022 as an e-money institution, and with a mission to promote climate-conscious payment services, Frost’s app allows users to open a digital e-money account through their phones and receive a UK account number, sort code and IBAN in minutes. Priding itself on being a carbon neutral company, Frost’s product roadmap also includes a green savings account, auto-investing in green investments, and educating consumers on the carbon footprint of companies they purchase from.

Having raised £1.1 million in seed funding to embark on the next stage of developing its platform and products, and further elevate service levels, Frost has now turned to Kani Payments to speed up and simplify its transaction reconciliation capabilities. As a data-agnostic platform, Kani Payments can ingest data from any processor or source, and can reconcile complex and contrasting data sets in minutes.

As a principal member of Visa, Frost can tap into the payment network’s vast array of tools, enabling it to further its mission of helping people to manage their finances. As such, Frost is required to submit regular GOC reports to Visa to ensure compliance with the payment scheme’s standards. Typically, these reports are costly and time-consuming for in-house finance teams to produce, as they include many large and complex data sets from multiple sources.

Kani Payments’ platform automatically generates Visa GOC reports in the correct format, ensuring regulatory and scheme compliance, saving Frost vast amounts of time and money. Kani’s platform can also incorporate any newly added changes to GOC report formats and can recall and provide complete audit trails so that Frost’s in-house teams can identify trends, regardless of their technical or financial expertise. With its customisable workflows, Kani Payments’ platform also simplifies and visualises data in an easy-to-use dashboard, with automated alerts that highlight any reconciliation breaks or inconsistencies straight away.

Frost offers features such as eco-friendly and sustainably produced Visa debit cards, real-time spend management trackers, and service switching options to compare and switch utilities, insurance and mortgage providers to help people make their money go further. Frost also enables foreign exchange and cross-border payments with transparent fees.

Pawel Oltuszyk, founder and CEO of Frost, comments: “We are thrilled to announce that Frost has selected Kani as our preferred platform for settlement reconciliations and GOC reporting. After a thorough evaluation of several reconciliation and reporting platforms, Frost has chosen Kani for its exceptional performance, user-friendly interface, and robust reporting capabilities.

“Kani's advanced reconciliation engine and intuitive reporting tools will enable Frost to streamline our settlement processes, reduce errors, and improve accuracy. With Kani, Frost will be able to reconcile transactions quickly and efficiently, resulting in faster settlement times and improved cash flow management.”

Nick Forbes, Chief Financial Officer at Frost, adds: “Kani's GOC reporting capabilities will enable Frost to easily generate accurate reports and comply with regulatory requirements. Kani's automated reporting features will save Frost time and effort, allowing us to focus on our core business objectives. We are excited to see the positive impact that Kani will have on Frost's operations and look forward to a successful partnership.”

Aaron Holmes, founder and CEO of Kani Payments, says: “We’re delighted to have been chosen by Frost, a dynamic UK start-up, to enhance its reconciliation and reporting processes, helping them in their mission to deliver smarter, more innovative ways for people to manage their money. With its eco-friendly ethos. Frost is perfectly positioned to make a real difference to people’s financial wellbeing, and its ambitions to provide intuitive spending insights and money-saving tools will depend on dynamic data agility, and being able to pinpoint transaction trends with speed and accuracy.

“That’s why Kani Payments exists - our data reporting and reconciliation platform has been built by fintech experts and is designed to help ambitious, disruptive fintechs like Frost achieve effortless compliance with scheme and industry regulations, and generate valuable business intelligence insights that will fuel future growth. We do the heavy lifting of making complex data simple and standardised, so that business can focus on giving their customers outstanding products and services.”

To date, Kani Payments has reconciled more than €24 billion in processed payments volume through its award-winning platform that can be used by start-ups and scale-ups across the fintech spectrum, and has forged relationships with companies including Railsr, Sodexo, Osper and Moorwand.

After announcing its acceptance onto the Mastercard Start Path Global programme in 2022, Kani Payments plans to build on this success throughout 2023 and beyond by bringing automation, accuracy and compliance to payments reconciliation and reporting to fintechs, acquirers and financial institutions worldwide.