Raiffeisen Bank International takes FinTRACE into Production

27 October 2010

Vienna based Raiffeisen Bank International AG (RBI) starts live production with financial investigations using Swissrisk´s solution FinTRACE by November. In a phased approach 15 network banks of RBI in Central and Eastern Europe are automating their exceptions and investigations in payments, securities and treasury. Also non-transactional services, such as customer inquiries, will eventually be processed by FinTRACE. FinTRACE will replace manual investigation handling by a fully electronic case management process supporting SWIFT, Email, Fax channels, as well as a direct connectivity to Raiffeisen’s reconciliation application. A part of the implementation will cover "SWIFTNet Exceptions and Investigations", a new ISO20022 XML-based workflow which will set international standards for payment investigations.

FinTRACE is a fully rule-based case management system which is used by financial institutions to automate the investigation process for any kind of financial transactions, for example in the area of payments, securities and FX/Money Market. FinTRACE provides a comprehensive web-based user front end and is SWIFT Ready certified for Exceptions and Investigations.

Günther Gall, Head of Division Transaction Services of RBI stated “Thanks to FinTRACE our network banks will now enter a new era of exceptions and investigation processing. We expect a significant improvement of process efficiency and client services. We consider ourselves as a quality bank and provide our customers with best service levels feasible. We do expect the same from our suppliers. During this project, Swissrisk has proven its capabilities and qualified for further challenges that we could face together.”

Pierre Brisse, General Manager of CRISP (Centralised Raiffeisen International Services & Payments SRL), the shared service centre of RBI in Romania, stated, "Going production with FinTRACE with our first network bank is a big achievement and this paves the way for the Investigations Hub project to be another success story. It is the motivation and commitment of all parties that enabled us to reach this key milestone generally in time and within budget, despite what can be considered to be a complex project environment.”

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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