This development marks a new stage in the institutionâs strategic development of its client service. In the latter part of 2001, TMI had implemented fully automated reconciliation capabilities for cash and securities (both positions and activity). Now the organisation is using the automated exception processing capabilities of the SunGard solution to achieve true STP, including the automatic identification, research, and repair of exceptional items.
Chris Dowd, head of process control, operations department at TMI, commented, "We are in the initial stages of developing full lifecycle exception control, taking real-time data streams into intelliMATCH EP from internal transaction processing systems, internal databases, and all associated SWIFT traffic. The data includes information on every stage of transaction processing from initial booking to settlement, and on every aspect from front-office to back-office and all external communications. We are taking in up to ten different stages of a transactionâs lifecycle, with the ability to report in real-time on status, exceptions, urgent incomplete processing and data integrity. The development will cover all business areas that involve the settlement of cash or securities, not just focusing on one business line."
"As we move into automated exception control - we expect to reduce process risk down to a negligible level. Through our objective to automate data integrity, transaction processing, exception identification, research, messaging and repair, and deadline monitoring, at the same time as developing and implementing STP settlement execution engines, we expect the greatest return for TMI going forward to be near complete freedom from the business support issue of volume sensitivity. While it is often possible for support operations to predict some of the peaks and troughs of processing volumes, there will always be unexpected peaks, or worse, sudden long term increases. Higher volumes mean more exceptions, and therefore in a manually controlled processing environment, disproportionately greater levels of risk of those exceptions causing problems and costs. Institutions that can maintain their exception processing quality levels even during these "hot spots" undoubtedly enhance their reputation and attract more business."
"In short, the result of our investment in true STP will be a steady improvement of client service levels - adding to TMIâs competitive differentiation."
Mr. Dowd further commented, "We have been very pleased with the service received from SunGard eProcess Intelligence at all stages of the purchase, implementation and development cycle."