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Cellent stops late payments for distressed banks

26 November 2008  |  2177 views  |  1 Source: Cellent Finance Solutions

Cellent Finance Solutions AG now offers an additional "Transaction Controlling" function for the S/Monitor software solution from its SMARAGD product family.

This allows payment transactions to critical banks to be stopped even at a very late stage, significantly enhancing overall security in interbank trading.

It is becoming increasingly crucial for banks to be able to check outgoing payments and loans for risks of non-payment. They require an instrument for controlling transactions immediately before they leave the bank if they are going to be able to stop them. This requires fast reaction times.

Cellent Finance Solutions AG provides such an instrument with its S/Monitor Transaction Controlling software. Names of risky finance institutes are stored in the system. Using individually definable screening rules, the software examines transactions to determine whether they are to be sent to a "barred" bank. This allows finance institutes that are threatened with insolvency, for example, to be identified and blocked world-wide at any time. Authorized staff are able to check the transaction and either approve or stop payments with just a few mouse-clicks.

"S/Monitor Transaction Controlling reliably prevents payments to finance institutes that are in difficulties," emphasizes Klaus Spiesshofer, Sales Manager at Cellent Finance Solutions AG. "This is an effective measure in restoring faith in interbank trading."


Comments: (1)

Paul Penrose
Paul Penrose - Finextra - London | 26 November, 2008, 16:43

It could be a long list. The FDIC in the US says that the list of banks it considers to be in trouble shot up by 46% to 171 in the third quarter.

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