DUBLIN, Oct. 9, 2020 /PRNewswire/ — The “Global Account Reconciliation Software Market by Component, by Deployment Type, by Organization Size, by Application, by End User, by Region, Industry Analysis and Forecast, 2020 – 2026” report has been added to ResearchAndMarkets.com‘s offering.
The Global Account Reconciliation Software Market size is expected to reach $4.5 billion by 2026, rising at a market growth of 17.6% CAGR during the forecast period.
Reconciliation is a procedure of comparing interior financial related accounts against monthly accounts from outside sources, for example, banks, financial institutions, and credit card organizations. Numerous banks and fintech organizations are utilizing account reconciliation software to deal with their account in their interior sales register and to recognize human mistakes. Furthermore, rising need to improve error detection software in banks and in different other financial organizations across the globe drive the development of the market.
Additionally, increment in online transactions among different industries and growth in need for reconciliation management systems drive the development of the market. Also, developing acceptance of automated banking solutions across the globe to diminish reconciliation time fuels the development of the market. However, different security issues in account reconciliation software impede the account reconciliation software market development. Besides, higher adoption of account reconciliation software among the SMEs and an increase in the utilization of AI and machine learning in account reconciliation software are the components expected to give worthwhile chances to the development of the market.
Recent Strategies deployed in the Account Reconciliation Software Market
Jun-2020: BlackLine signed partnership agreement with Capgemini, a provider of consulting, technology, professional, and outsourcing services. The partnership was focused on enabling finance and accounting (F&A) teams to reduce business-process costs while optimizing process effectiveness and efficiencies.
Apr-2020: Sage Software signed partnership agreement with Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance. The partnership was aimed to help companies simplify and accelerate financial close processes. Following this partnership, Trintech developed a pre-built, Sage Intacct-certified connector for its Adra Suite, enabling companies to reduce the cost and time associated with data integration between the two solutions.
Mar-2020: AutoRek collaborated with Nationwide Building Society, one of the largest savings provider and second-largest mortgages provider. Following the collaboration, AutoRek aimed to provide market-leading, cloud-based financial controls, and data management platform. This platform can deal with several reconciliation and attestation challenges.
Feb-2020: AutoRek teamed up with The Bank of England following which the bank is expected to use AutoRek’s automated reconciliation and data management solution. The new technology aimed to provide a centralized platform for the bank’s daily and monthly reconciliation tasks.
Nov-2019: Sage partnered with Standard Chartered, a banking and financial services company. The partnership was focused on providing small and medium-sized enterprises (SMEs) with access to the right tools, knowledge, and funding, to simplify SME banking and support them in making more timely and insight-driven financial decisions at critical stages of the business lifecycle.
Oct-2019: BlackLine came into collaboration with NHS National Services Scotland (NSS). Under this collaboration, the latter company has been using the former company’s financial close automation software. BlackLine helped NSS in reducing manual tasks by automating much of the financial close processes. It improved visibility over balance sheet controls and added an extra layer of assurance to the audit and review process.
Sep-2019: BlackLine collaborated with Workiva, the leading cloud provider of connected reporting and compliance solutions. Together, the companies announced a platform integration to help joint customers streamline financial close and reporting processes. The integration enabled users to seamlessly connect and transfer data between the two platforms, saving time, and reducing risk by improving accuracy and transparency in the record-to-report process.
Apr-2019: AutoRek came into partnership with Cforia Software, a world-leading provider of software and services for global customers that automate their Order to Cash business processes. Together, the companies were focused on expanding their global reach and offering companies an end-to-end solution from cash collection to cash application and cash reconciliation.
Apr-2019: SAP Ariba came into partnership with American Express, a financial services corporation. The partnership was focused on offering buyers and suppliers new payment and financing options on Ariba Network, extending its value for joint large and global customers. American Express has been using Ariba Network APIs to enable its virtual Card capabilities within the SAP Ariba process and platform to facilitate seamless commerce, secure payments, and easy reconciliation between businesses on a single platform.
Scope of the Study
- Software (Without Services)
By Deployment Type
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- Bank Reconciliation
- Customer Reconciliation
- Inter-company Reconciliation
By End User
- IT & Telecom
- Healthcare & Social Assistance
- Government & Public Sector
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Oracle Corporation
- SAP SE
- Fiserv, Inc.
- Broadridge Financial Solutions, Inc.
- BlackLine, Inc.
- Intuit, Inc. (Quickbooks)
- The Sage Group PLC
- Rimilia Holdings Ltd.
- ReconArt, Inc.
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