Visa DPS provides a best-in-class debit card and ATM processing services for banks and credit unions. As a part that service, Visa DPS provides a series of reports to its customers for the daily settlement of debit card activity. This settlement process ensures accurate transaction posting to customer deposit accounts, accurate posting to general ledgers, and facilitates the process of addressing exceptions, disputes, and fraud. The settlement process, however, can be complex as it requires extracting data from multiple reports such as:
Accounting and operations teams need to combine information from these reports with general ledgers in order to create journal entries. The process can take an employee up to 30 minutes per day to complete. With Monarch, people can complete the settlement process in two minutes.