info@lykatel.com 13800 Coppermine Rd, First Floor, Herndon, VA 20171.

Service Details


FinHub

FinHub designed specifically for dealing with large, disparate data sets containing financial transactions, our product reconciles payments vs budgets, enhances reporting capabilities, improves compliance, and supports advanced AI for detecting anomalies.

  • Comprehensive Data Ingestion
  • Intelligent Data Storage
  • Automated Reconciliation
  • Streamlined Exception Workflows
  • Proactive Forecasting and Optimization

Complete Service Offer Details:

FinHub Key Advantages

Participant Setup

Manage parties and their beneficiaries under a payment contract with checker workflows.

Payroll Schedules

Streamline payments with configurable schedules like instant, future-dated, and holiday workarounds.

Digital Journey

Flexible digital framework to manage commissions and payouts for participants.

Split Payments

Consolidate payments for vendors, reduce costs, and simplify reporting.

Budgets & $ Limits

Set and control budgets with flexible configuration and audit capabilities.

Reporting and Compliance

Transparent tracking and audit trails for full visibility into transactions.

Workflows

Design digital products for efficiency and differentiation in various services.

Virtual Ledgers

Manage account-based collections and disbursements to support microloans.

Notifications & Alerts

Configure notifications by transaction type, status, and participant.

KEY CHALLENGES

Data Silos:

Financial information is scattered across disparate systems, making it difficult to gain a consolidated view.
Manual Processes:

Reconciliation relies on time-consuming and error-prone manual efforts.
Limited Visibility:

Lack of real-time access to financial data hinders effective monitoring and decision-making.
Inadequate Reporting:

Existing reports fail to deliver a comprehensive and timely overview of budget status and potential issues.

BUSINESS IMPACT

Cost Overruns:

Inability to proactively monitor and control spending can lead to exceeding budgetary limits.
Compliance Violations:

Difficulty in tracking and reconciling expenses may result in non-compliance with regulations.
Inefficient Resource Allocation:

Lack of clear budget insights can lead to poor allocation of funds and missed optimization opportunities.
Delayed Decision-Making:

The unavailability of accurate and timely budget information hinders effective and prompt decision-making.
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