Fundtech (NASDAQ: FNDT), a market leader in global transaction banking solutions, today announced the introduction of STP Accelerator which is designed to markedly improve straight through processing (STP) rates of payments through advanced message repair and enrichment capabilities.
Financial institutions will reduce the time, expense and risk exposure of payment processing by increasing their STP rates; Customers will benefit from faster and more accurate services.
The STP Accelerator is platform independent and can integrate directly with any payments engine. It is SOA (Service Orientated Architecture) compliant and can be utilized by any SOA enabled payments application throughout the bank; and it supports all the main industry message formats, including ISO20022 and SWIFT MTs.
Capitalizing on Fundtech's expertise in payment processing, STP Accelerator complements the rich functionality available in Fundtech's Global PAYplus by concentrating on the syntactic and textual aspects of payments messages.
The business rules engine used by STP Accelerator provides financial institutions with the flexibility to customize the solution to their individual needs. Comprehensive reference data and lexicons within the engine provide a complete set of matching capabilities. Using "fuzzy" matching technology, STP Accelerator is able to find the best possible match between text in a payment instruction and reference data, increasing STP (for example: resolution of a name and address with a BIC code).
Commenting on the introduction, Fundtech's Executive Vice President Isaac Yaniv said: "STP Accelerator offers financial institutions the ability to further automate their payments operations, reducing costs while providing more responsive customer service. Enhancements like these provide competitive strength to our clients."