Systems and Methods for Improved Transaction Reconciliation

A method comprising:

• identifying a first feature and a second feature for reconciling transactions of a first entity by a classification model,
• each transaction being associated with a financial data item of a financial record, and with an accounting data item of an accounting record,
• where the first feature is a first similarity measure indicative of the similarity of the financial data item to a candidate accounting data item, and the second feature is a second similarity measure indicative of the similarity of the candidate accounting data item to the financial data item
• training, by one or more processors, the classification model with training data, the training data comprising values for first and second features of an associated financial record and accounting record pair and an outcome indicative of whether the associated financial record and accounting record pair were previously matched as belonging to a common transaction;
• and
• providing the trained classification model for reconciling transactions.

A system comprising:

• one or more processors;
• and
• memory comprising computer executable instructions, which when executed by the one or more processors, cause the system to:
• determine a financial data item of a financial record to be reconciled, the financial data item comprising at least one financial data string having one or more financial data characters;
• determine a candidate accounting record of a plurality of accounting records:
• determine an accounting data item of the candidate accounting record, the accounting data item comprising at least one accounting data string having one or more accounting data characters;
• determine, as a first input to a classification model, a first similarity measure indicative of the similarity of the financial data item to the accounting data item;
• determine, as a second input to the classification model, a second similarity measure indicative of the similarity of the accounting data item to the financial data item:
• input, to the classification model, the first and second inputs, the classification model configured to determine a probability of the financial data item and the accounting data item corresponding to a common transaction;
• and
• output, from the classification model, an indication of the probability of the financial data item and the accounting data item corresponding to a common transaction.

A non-transitory machine-readable storage medium including instructions that, when executed by a machine, cause the machine to perform operations including:

• determining a financial data item of a financial record to be reconciled, the financial data item comprising at least one financial data string having one or more financial data characters;
• determining a candidate accounting record of a plurality of accounting records:
• determining an accounting data item of the candidate accounting record, the accounting data item comprising at least one accounting data string having one or more accounting data characters;
• determining, as a first input to a classification model, a first similarity measure indicative of the similarity of the financial data item to the accounting data item;
• determining, as a second input to the classification model, a second similarity measure indicative of the similarity of the accounting data item to the financial data item;
• inputting, to the classification model, the first and second inputs, the classification model configured to determine a probability of the financial data item and the accounting data item corresponding to a common transaction;
• and
• outputting, from the classification model, an indication of the probability of the financial data item and the accounting data item corresponding to a common transaction.

A system comprising:

• one or more processors;
• and
• memory comprising computer executable instructions, which when executed by the one or more processors, cause the system to:
• identify a first feature and a second feature for reconciling transactions of a first entity by a classification model, each transaction being associated with a financial data item of a financial record, and with an accounting data item of an accounting record, where the first feature is a first similarity measure indicative of the similarity of the financial data item to a candidate accounting data item, and the second feature is a second similarity measure indicative of the similarity of the candidate accounting data item to the financial data item;
• train the classification model with training data, the training data comprising values for first and second features of an associated financial record and accounting record pair and an outcome indicative of whether the associated financial record and accounting record pair were previously matched as belonging to a common transaction;
• and
• provide the trained classification model for reconciling transactions.

A non-transitory machine-readable storage medium including instructions that, when executed by a machine, cause the machine to perform operations including:

• identifying a first feature and a second feature for reconciling transactions of a first entity by a classification model, each transaction being associated with a financial data item of a financial record, and with an accounting data item of an accounting record, where the first feature is a first similarity measure indicative of the similarity of the financial data item to a candidate accounting data item, and the second feature is a second similarity measure indicative of the similarity of the candidate accounting data item to the financial data item;
• training the classification model with training data, the training data comprising values for first and second features of an associated financial record and accounting record pair and an outcome indicative of whether the associated financial record and accounting record pair were previously matched as belonging to a common transaction;
• and
• providing the trained classification model for reconciling transactions.111