SmartStream’s Advanced Payment Control Now Supports Multiple Payment Rails With Enhanced Exceptions Management
2024年6月26日 - 8:36PM
ビジネスワイヤ(英語)
SmartStream, the financial Transaction Lifecycle Management
(TLM®) solutions provider, today announces a significant upgrade to
its Advanced Payment Control (APC) solution. This update further
streamlines and optimises payment investigations by accommodating
any number of disparate payment rails to improve resolution times
and reduce costs in the era of instant payments.
Banks face major challenges in maintaining connections to
multiple payment systems and supporting various messaging formats,
each system has its own set of rules. Often, banks’ technical
infrastructures struggle to manage these complexities efficiently,
leading to inefficient reconciliations, failed investigations, and
customer dissatisfaction. SmartStream’s enhanced APC solution
addresses these issues by connecting financial firms with any
payment rail globally, providing a single, integrated solution to
track, monitor, and investigate transactions across the payments
corridor.
Christophe Vastesaeger, Senior Solutions Architect, SmartStream,
states: “With volumes rising and with over 70% of cross-border
payment exceptions taking more than five days to resolve, it was
essential for SmartStream to deploy a robust solution for its
customers to solve some of the biggest hurdles for financial firms.
We are now able to handle exceptions as they arise. This
functionality not only provides financial institutions with an
accurate view of payments for better funding decisions, but also
limits risk exposure. Additionally, managing payment rails across
different geographies is essential for the industry. We are
continuously working with our clients to make sure they meet local
standards and regulatory requirements”.
This support for instant payments through advanced automation of
reconciliations and investigations across multiple payment rails
represents a significant advancement in payment exception
management. The fragmented nature of payment systems and corridors
introduces disparate data and message formats, making exception
management highly complex, labour-intensive, and difficult to
automate. SmartStream’s APC offers standardised ways of working
through pre-configured workflows, this ensures consistency and
efficiency across different payment rails, making it easier to
manage exceptions and maintain operational excellence.
The solution includes sophisticated analytics that provide
insights into the root causes of failed or investigated payments.
This empowers financial institutions to address problems at the
source and understand the effort required for different exception
types, payment systems, or correspondent banks - improving overall
payment processing efficiency.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626524983/en/
Shamira Alidina, Dina Communications Tel: +44 (0) 7801 590718
shamira@dinacomms.com Nathan Gee, Marketing Director, SmartStream
Tel: +44 (0) 20 7898 0630 nathan.gee@smartstream-stp.com