SmartStreamâs TLM Corona solution is used by more than 700 financial institutions globally, with the SWIFTNet E&I functionality the latest addition to its extensive and proven reconciliation and investigation capabilities.
With many organisations still using manually-intensive and error-prone methods to manage their payments exceptions and investigations, SWIFTNet Exceptions and Investigations (E&I) offers a new approach to automating these processes. SWIFT estimates that up to 5% of payments result in enquiries. Through the use of SWIFTNet E&I solutions, up to 60% of these could be processed straight-through, without manual intervention, saving the industry on the order of $200 million.
SWIFTNet E&I capabilities, fully integrated with TLM Corona delivers a single solution for payments, investigations, exception management and reconciliation for internal and external accounts. This supports more proactive operations as any payment problems automatically trigger a fully automated exceptions and investigations process controlled by TLM Corona. Management can see where issues are occurring, for example mis-matches on a particular account, and take preventive measures to deliver continual process improvement.
Rudolf Schnepf, Product Manager for TLM Corona, said: âManual investigations processes, or those that use proprietary format messages can be time consuming and costly. In a competitive, post-SEPA market where cost-per-transaction is rapidly becoming a key differentiator creating a more efficient back office environment for exceptions handling that can scale to meet volume demand is critical. The out of the box delivery of SWIFTNet E&I with TLM Corona, which fully supports SWIFTâs E&I messages and is fully compliant with the E&I Rulebook, ensures customers can quickly take advantage of the new standards without further configuration. This removes the need to invest in additional hardware, software or operations/administration costs, while accelerating their time to benefit.â