South African fintech company Transaction Junction (TJ) has launched a new financial reconciliation platform aimed at addressing the growing complexity of retail payment processing across the continent.

The platform, called TJ Recon PRO, uses automated matching technology to reconcile transaction records across stores, payment processors, banks and other payment providers in real-time - a process that traditionally required days of manual work by finance teams.

According to Transaction Junction, manual reconciliation inefficiencies are currently costing African retailers up to 5% of their profits through revenue leakage. The company claims its new platform can return 95% of the time typically spent on manual reconciliation back to businesses.

Comprehensive payment coverage

The TJ Recon PRO platform provides reconciliation capabilities across multiple payment channels including in-store, online and hybrid environments. It supports major card schemes as well as emerging payment methods such as digital wallets, Buy Now Pay Later (BNPL) services, and Value Added Services.

Through a secure customer portal, the platform automatically categorizes transactions as 'reconciled', 'unmatched', or 'missing', allowing finance teams to quickly identify and resolve discrepancies that previously required extensive investigation.

African retail transformation

The launch comes as Africa's retail sector undergoes significant digital transformation, with increasingly complex payment ecosystems creating new reconciliation challenges for businesses operating across the continent.

While front-end retail operations have modernized significantly, back-office processes like reconciliation have often lagged behind, creating risks in the gap between completed sales and bank settlements. TJ's new platform aims to bridge this gap through automation.