Swissrisk Financial Systems GmbH, market leading international software provider for the financial industry, announces a major enhancement to its FinTrace solution allowing the automation of charges claims sent or received.
FinTRACE is one of the first applications on the market offering the processing of charges.
With more than 30 years of experience, SWISSRISK Financial Systems GmbH headquartered in Frankfurt/Germany has emerged as a leading software provider for the financial industry. SWISSRISK provides innovative and state-of-the-art solutions in the areas of Issuance, Trading and Market Making, same as in the field of Financial Messaging & Workflow. SWISSRISK currently serves more than 100 financial institutions with the majority in the German speaking countries as well as in Luxembourg. Due to recent customer requirements SWISSRISK Financial Systems has extended its solution portfolio and developed a new module for its existing application FinTRACE. FinTRACE is a solution for the automated processing of any kind of exceptions and investigations. Now FinTRACE is able to handle automatically the process of charges claims received or to be sent to other institutions in addition to its known set of comprehensive features and functionalities.
During the last couple of years financial institutions with a larger number of commercial payments had to face a tremendously increased volume on charges claims for payments effected with "OUR" flag as well as "NON-STP". In addition to this, there are no standard procedures among banks and the way claims are distributed varies considerably (e.g. quarterly or monthly invoices, MT191, fax, email, etc...). A consequent problem is the difficulty of maintaining all records of claims paid, received, etc. and to check and validate their quality and correctness.
SWISSRISK's application FinTRACE, a flexible web-based system is now able to assist automating received claims as well as to improve the entire process flow for charges handling.
FinTRACE not only handles the process of incoming claims but also the outgoings. The fully automatic generation of SWIFT MT191 as well as timely scheduled invoices are part of the functionality provided.
• Some other main features of FinTRACE include:
• Scanning of invoices
• Automatic settlement of claims
• Data archive to avoid duplication
• Possibility to set up rules according to terms and conditions
• Full report functionality
Georg Sauberer, Area Manager Financial Messaging & Workflow, SWISSRISK Financial Systems comments: "Having spoken to a bigger number of customers they all complaint about huge manual efforts and the simple fact of losing money. Personally, I was surprised about the obvious lack of automation in this field as it seems to be one of the last gaps to real STP in the field of payments. Therefore, we are very proud being able to provide the financial industry now with this innovative solution representing another major step in the evolution of FinTRACE - helping our customers to further improve their efficiency whilst decreasing any operational costs and risks in place."
Dirk Vesper, VP Product Management at Swissrisk says "The charges module is a perfect extension of our existing case management functionality in FinTRACE. Clients will benefit from the high level of Straight Through Processing and the possibility to directly access the underlying payment transaction in order to settle the claims according to the service levels."