Raiffeisenbank live on Swissrisk FinTrace in Russia and Bulgaria

Source: Swissrisk Financial Systems

Raiffeisenbank (Russia), and Raiffeisenbank Bulgaria, both subsidiaries of the Vienna based Raiffeisen Bank International AG (RBI), have started live operation using FinTrace for automation of financial exceptions and investigations provided by Swissrisk Financial Systems GmbH.

The Moscow based Raiffeisenbank is the largest among the 15 network banks in Central and Eastern Europe which belong to RBI. From now on FinTRACE is used for the automated management and processing of both bank's international payment inquiries. The handling of domestic payment inquiries will be done in a subsequent phase.

At Raiffeisenbank, FinTRACE replaces manual investigation handling by a fully electronic case management process supporting SWIFT, E-mail, Fax channels. A major requirement is the support of functionalities for the domestic Russian market, such as handling of Cyrillic character sets for communication with external parties. The FinTRACE implementation also covers "SWIFTNet Exceptions and Investigations", an ISO20022 XML-based initiative which sets new international standards for payment investigations. The system is centrally hosted at CRISP (Centralized Raiffeisen International Services & Payments SRL), the shared service centre of RBI in Romania, and has interface connections to a series of back office applications at RBI and its Russian subsidiary bank.

FinTRACE is a fully rule-based case management system which is used by financial institutions of all sizes to automate the investigation process for any kind of financial transactions including payments, securities, FX/Money Market, customer complaints, etc. FinTRACE provides an easy-to-use web-based user front end and provides comprehensive functionality. FinTRACE does fully support the SWIFTNet E&I rulebook and is certified with the "SWIFT Ready Label for Exceptions and Investigations".

Günther Gall, Head of RBI's Division for Transaction Services, added, "Thanks to FinTRACE our Russian bank will now enter a new era of exceptions and investigation processing. We expect a significant gain of process efficiency and client services which has already been proven by other network banks which are already using FinTRACE in live production."

Pierre Brisse, General Manager of CRISP, stated, "Going in production with FinTRACE for our Russian bank as third network bank is a big achievement and this paves the way for the Investigations Hub project to be another success story. The business requirements and technical landscape within the bank have shown to be very complex. Thanks to a clear strategy to implement standards the milestone could be reached in time and within budget."

Dirk Vesper, VP Product Management at Swissrisk said, "We are happy to reach this important milestone now. The entire project team has been working together for a long time in a very professional and constructive manner. And we are extremely proud having assisted another leading financial institution to further improve efficiency and customer services whilst decreasing manual steps and thus costs. FinTRACE has proven to be the market leading solution in the field of exceptions and investigations."

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