Automated and integrated Exceptions and Investigations handling with SWIFTNet E & I
The Issue
Impressive STP rates are achieved by many market participants but the real costs of back office operations are buried in exception handling and investigation. While STP transactions cost cents, manual interventions and exception handling cost 100 or 200 Euros.
- Management and handling of exceptions and investigations are resource-intensive activities, based to a large extent on manual interventions
- Exceptions and investigation processes are often unstructured and non-standardized
- Business processes and communication flows remain unautomated
Solution
SWIFTNet Exceptions and Investigations aims to streamline the management of payments-related enquiries. The combination of the new SWIFTStandards XML with a SWIFTNet messaging service and a rule book answer the need for a streamlined, automated exceptions and investigations process.
Incentage flow manager for SWIFTNet E & I is the key for easy integration of SWIFTNet E & I into your own organizational and process infrastructure.
- Incentage SWIFTNet E & I supports all current 16 ISO 20022 message types, the required business logic - defined by the integrated rule book delivered by SWIFT and client own enhancements, the integration into the payment applications (including eventually required transformations and triggering) and complete status management during the exception and investigation flow.
Benefits
Exceptions and Investigations support industry efforts to reach higher levels of efficiency, resulting in major cost savings and revenue opportunities.
- Incentage clients benefit from highly automated payment enquiries, enquiry cost reduction (up to 38% in resources as experience showed), improved customer services, new customer services and the ability to expand the service into the bank’s corporate clients.
- Incentage integrates all four query types
- Unable to apply
- Request To Cancel Payment
- Request To Modify Payment
- Claim Non Receipt and their related message types required for complete automation and over time replacement of the x92/x95/x96 and x99 MT’s.
- The defined business practice like no by-pass or unique case ID is guaranteed with the Incentage SWIFTNet E & I solution for maximum Straight Through Processing rates … including Exceptions and Investigations.
