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Tuesday March 23, 01:30
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Real-Time Reconciliation Gives A Competitive Edge
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Financial institutions that deliver real-time payment reconciliation information to their customers achieve a competitive edge while reaping the benefits of multi-product reconciliation and exception management solutions. Traditionally, banks have deployed siloed solutions for transaction management, but the latest reconciliation or exception management systems provide a holistic view of the transaction cycle. While the cost benefits of automating transaction management are clear, banks can also increase their process savings by eliminating redundant or duplicated systems to maximize their initial return on investment.
Reconciliation and exception management solutions are often the first step for enterprises implementing a straight-through processing system, with graphical interfaces supporting the management of information. Improved STP processes and risk management result from the ability of users to identify high-risk areas and deal with problems before a critical stage is reached. Browser-based technology also allows firms to reconcile payments for individual lines of business, or across an enterprise, and to share exception libraries for the application of user-defined rules to exceptions instead of manually reviewing transactions.
In short, enterprises that improve access to transaction data in their processing environments achieve greater operational efficiency and reliability. Dedicated browser-based modules can focus on exceptions alone, and prevent firms from having to manually review an entire payment account by supplying balance, transaction and statement information data. More sophisticated exception management solutions also supply a common platform for the reconciliation of multiple payment processes such as cash accounts, securities movements and trade confirmations, while delivering real-time account information via SwiftNet.
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