86400 Unveils Automated Reconciliation Engine to Close the Tech Gap; Satyajit Kanekar, Founder & CEO, 86400, replies to specific questions of the "FinTech BizNews" website:
FinTech BizNews Service
Mumbai, 02 September 2025: 86400 (An initiative by Mobileware Technologies), a leading provider of digital payment infrastructure, develops its proprietary Reconciliation Engine (RE), a solution built to simplify transaction-level reconciliation across the digital payments ecosystem. The engine, currently in the final stages of development, will transform how banks and fintechs manage reconciliations by providing single-point data transparency, automation at scale, and faster dispute resolution.
The Reconciliation Engine is being built to support major payment systems, including UPI, IMPS, BBPS, AePS, RuPay, and NFS. Hosted securely in the cloud, it will be delivered as a standalone, API-driven product with a built-in monitoring dashboard to streamline compliance, audits, and reporting.
Being switch-agnostic, the Reconciliation Engine consolidates transaction data from the customer’s payment switch (UPI and others), the bank’s Core Banking System, and NPCI raw files. It reconciles the true status of each transaction by identifying and resolving mismatches or discrepancies across these reports. The result is a final reconciled transaction file, serving as the single source of truth for settlement and reporting.
Core Infrastructure Challenge in India
Reconciliation has long been one of the most overlooked yet operationally critical functions in digital payments. Even today, traditionally, banks and fintechs rely on fragmented, manual processes with multiple vendor touchpoints, making transaction reconciliation complex, error-prone, and slow.
● Despite updates to UPI guidelines and introduction of advanced authentication mechanisms, payment failures and frauds continue to highlight the need for further enhancements in the existing core banking system.
● According to RBI data, frauds related to payment cards and internet banking doubled in FY24-25 to ₹1,457 crore (up from ₹520 crore in the previous year).
● The number of reported fraud incidents also jumped sharply from approximately 13,000 cases to over 29,000 cases in the same period.
● One of the reasons for this spike is the lack of real-time reconciliation across banks and payment service providers, leading to mismatched or unverified transactions.
● 86400’s Reconciliation Engine solves this issue by:
○ Creating one consolidated and verified record for each transaction
○ Enabling real-time visibility across all parties involved (bank, PSP, merchant)
○ Reducing manual intervention and eliminating data discrepancies
● The solution is scalable and plug-and-play, allowing banks and fintechs to integrate quickly without overhauling their existing tech stacks.
What sets it apart
Designed to bridge critical gaps in today’s payment infrastructure, the engine stands apart from conventional solutions by leveraging its role as a Technology Service Provider (TSP). This unique position allows it to serve as a single, trusted data touchpoint, offering banks and fintechs complete transparency without the complexity of coordinating across multiple vendors. The engine also brings in automation at scale, moving away from manual-heavy processes that often lead to errors and operational delays. By reconciling transactions directly at the switch level, 86400 enables faster dispute resolution, reducing dependencies on third parties and ensuring a seamless experience for both institutions and their customers.
"Reconciliation has always been a silent pain point in digital payments, often pushed behind larger conversations around speed and security”, said Satyajit Kanekar, Founder & CEO, 86400. “With the launch of our Reconciliation Engine, we are addressing this core infrastructure gap head-on. By creating a single source of verified truth across systems, we are not only reducing errors and disputes but also restoring confidence in digital transactions for banks, fintechs, and ultimately the millions of consumers they serve."
Amitabh Kanekar, Co-founder, 86400 added, "Part of 86400’s larger vision has always been to simplify the most complex layers of the payments ecosystem. The Reconciliation Engine embodies this vision and brings transparency, automation, and agility into one framework. It also allows our partners to move away from outdated, fragmented reconciliation methods and instead rely on a future-ready system built for scale, compliance, and trust."
Satyajit Kanekar, Founder & CEO, 86400, replies to specific questions of the "FinTech BizNews" website:
What is the role of 86400 in payment fraud space?
We don’t directly stop fraud at the customer level, but since we provide the core payments infrastructure, we play a big role in reducing risks at the transaction layer. Our systems are built to handle monitoring, compliance checks, and anomaly detection, which helps banks and fintechs respond faster and prevent a lot of issues before they escalate.
How do you correlate RBI data on payment frauds with your product, service?
We use RBI’s data to highlight the scale of the challenge, it’s not about saying we solve all fraud. The idea is to show the industry context and then explain how our infrastructure helps institutions manage those risks better. RBI numbers make the issue real, and our role is to provide the rails that reduce transaction failures, improve monitoring, and strengthen reconciliation.86400 is not just a reconciliation tool, we provide the full payments infrastructure: switches for UPI, IMPS, BBPS, AePS, along with our API Banking platform. Reconciliation gets stronger when it’s built right into the transaction layer itself. That’s where we’re different, we’re not a point solution, we’re the backbone that processes and manages transactions end-to-end.
Does 86400 mitigate risks associated with digit payments?
Yes, that’s a key part of what we do. Being ISO 27001 and PCI DSS certified, and also an NPCI-preferred partner, we bring in the right security and compliance standards. On top of that, our platforms are designed to minimize downtime, improve transaction response, and give institutions better control over fraud and operational risks.
Which technology gap are you indicating?
A lot of the legacy systems in use today were built for a very different scale. They weren’t designed for the kind of high-volume, always-on environment that UPI and other digital payments need. That leads to delays, timeouts, and higher failure rates. What we’ve done at 86400 is build infrastructure that can handle real-time, large-scale payments without those limitations, so institutions can operate at the speed the market demands.
