BlocRec

BlocRec

BlocRec by Fenex is a blockchain powered reconciliation engine with artificial intelligence and optical character recognition technologies embedded, providing enhanced data capability and simplified reconciliation all added to the Fenex blockchain for transparent, safe and secure access and storage.

  • The platform has been built in the Amazon Web Service Cloud and will use smart contracts to reconcile data industry-wide. Each business’s data is encoded using hashing. The hashed data goes to the blockchain and the smart contracts reconcile it against other hashed data in the system.

  • Integrates to third party accounting and ERP systems such as Xero, MYOB and Oracle.

  • An integrated Artificial Intelligence engine provides pre-emptive advice for reconciliation anomalies and identification of unusual transaction patterns.

How BlocRec by Fenex Works?

What Are the Benefits?

  • Automated data import, mapping, transformation and enrichment using AI

  • Execution of complex business rules for matching.  Complex, any-to-any matching rules configuration

  • Allocation of codes for automated reconciliation status or disposition

  • Exception identification.  Items can automatically be flagged as exceptions for follow-up

  • Notifications and alerts can be triggered to give insight

  • Data can be automated for extraction, transformation and delivery to a number of popular accounting and ERP applications