One post tagged with "Cash Management"

We're excited to announce a significant improvement to our internal transfer matching feature in Fiskl. This update addresses the evolving needs of our users, especially in light of the increasing popularity of neo-banks and multi-currency accounts.

What's New: Refined Internal Transfer Matching​

Internal transfers are critical for maintaining accurate financial records, particularly with the rise of neo-banks like Revolut, WIO, Wise, and others that offer virtual currency accounts. These services have made moving money between currencies more common than ever before.

The Challenge​

While Fiskl has always provided a robust matching solution for transactions, including those in different currencies, we faced a dilemma:

• A wide tolerance was necessary to catch matches across different currencies.
• This wide tolerance sometimes produced too many potential matches for some users.
• For others, the tolerance wasn't wide enough, especially when banks charged fixed fees, percentages, and used poor exchange rates for cross-currency transfers.

Our Solution​

We've tackled this challenge head-on with a two-pronged approach: