SmartStream Technologies, the transaction lifecycle management vendor, today announced the introduction of SWIFTNet E&I functionality for TLM Corona, supporting banks as they look to deliver greater automation to payments exceptions and investigations.
SmartStream's TLM Corona solution is used by more than 700 financial institutions globally, with the SWIFTNet E&I functionality the latest addition to its reconciliation and investigation capabilities.
With many organisations still using manually-intensive and error-prone methods to manage their payments exceptions and investigations, SWIFTNet Exceptions and Investigations (E&I) offers a new approach to automating these processes. SWIFT estimates that up to 5% of payments result in enquiries. Through the use of SWIFTNet E&I solutions, up to 60% of these could be processed straight-through, without manual intervention, saving the industry on the order of $200 million.
SWIFTNet E&I capabilities, fully integrated with TLM Corona delivers a single solution for payments, investigations, exception management and reconciliation for internal and external accounts. This supports more proactive operations as any payment problems automatically trigger a fully automated exceptions and investigations process controlled by TLM Corona. Management can see where issues are occurring, for example mis-matches on a particular account, and take preventive measures to deliver continual process improvement.
Rudolf Schnepf, Product Manager for TLM Corona, said: "Manual investigations processes, or those that use proprietary format messages can be time consuming and costly. In a competitive, post-SEPA market where cost-per-transaction is rapidly becoming a key differentiator creating a more efficient back office environment for exceptions handling that can scale to meet volume demand is critical. The out of the box delivery of SWIFTNet E&I with TLM Corona, which fully supports SWIFT's E&I messages and is fully compliant with the E&I Rulebook, ensures customers can quickly take advantage of the new standards without further configuration. This removes the need to invest in additional hardware, software or operations/administration costs, while accelerating their time to benefit."