Unitech Systems releases payments processing product

Source: Unitech Systems

Unitech Systems, Inc., the leading provider of automated information control solutions, today announced the unveiling of Unitech Systems' Payments Processing Solution.

Banks worldwide are currently facing driving pressures to reduce costs, increase the straight through processing (STP) rate of payment transactions, and improve customer service while also meeting regulatory compliance mandates. As a result, Unitech Systems' Payments Processing Solution has been developed to enable business managers, auditors, compliance officers and other executives to watch transactions across complex processes as they happen, and is already in use with customers. Unitech Systems automated information controls offer visibility into the information inside the payments process, between systems inside and outside of the organizations, and as a result, ensure each payment settles accurately and on time. This is known as payments monitoring.

"The lack of transparency in payments processing is enormous. Very few banks have the ability to look at the whole payments process, or even pinpoint what step a transaction is in. This monitoring is critical as payments account for some 30% to 40% of total net banking revenue," said Corey Ferengul, Senior Vice President and Group Leader of Market Development at Unitech Systems. "For more than 20 years, Unitech Systems' solutions have helped global banks improve efficiencies, drive compliance, and better manage liquidity, and Unitech Systems' Payments Processing Solution has once again set the standard for financial institutions around the globe that require transparency across the enterprise."

"Industry initiatives are shortening settlement windows and increasing risk exposure and regulatory controls," according to Virginia Garcia, Research Director Financial Services Strategies and IT Investments at TowerGroup, an advisory research and consulting company. "Regulatory pressures are creating market demand for risk management solutions that provide visibility across the enterprise," Garcia added. "In payments processing, financial institutions can differentiate themselves from the competition in their ability to offer insight into complex payments streams in real time."

Maureen Polte, Senior Vice President and Group Leader of Product Development at Unitech Systems said, "By listening to our customers who make up nearly 80% of the top financial services companies worldwide, we have developed an advanced technology product here that monitors the life cycle of payments as they flow through payment applications around the world. Now those customers are in a position to take proactive action where payment issues arise, before they affect their customers."

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