We quickly established a few truths:
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• Banks are unwilling to share data as they see it as their moat, especially with their customers. We had one large bank tell us that until they were mandated to, they wouldn’t be sharing data. Mobile money providers told us the same thing.
• We could reverse engineer the APIs, but it is a slow journey to get to the whole continent for what is 10% of all transactions. It would also earn us enemies that we would rather have as friends (hint, regulators).
• Even when we did have some APIs from bank partnerships, the economics didn’t make for a scalable business. In the end, waiting for
  People discovering use cases from looking at our APIs wasn’t a business that would yield the returns we were looking for.

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So we decided to build products ourselves. Reconciliation seems like a really mundane task; anyone who has worked at a bank will tell you that it is an all-night affair, and often large discrepancies are the norm. We decided to break apart this problem, informed by our experiences, and try to find ‘utility for open banking," which was a question we got asked a lot. ’What exactly can you do with open banking?’  We work with businesses with complex transactions—multiple bank accounts, many processors, multiple currencies—and are rapidly scaling. We automate their daily reconciliation for them by matching their expected volumes to their actual account balances. Our customers can at a glance know their daily balances from a dashboard. We are live with multiple customers, such as Nomba and MFS, and are rapidly scaling.

Why does reconciliation matter, though? It is the process through which companies get a handle on their finances, track growth, forecast, and, in the case of customer-facing businesses, keep customers happy. Have you waited days to get a refund from a merchant? I am willing to bet it was because they were trying to find your payment in the sea of payments they have in their accounts. Automatic reconciliation will make that a thing of the past. We are really excited to share this product with the world. We are automating a key business function, saving time, money, and preventing losses while enabling our customers to quickly expand as their back office is now handled.

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