Risk Mitigation in International and Domestic Payments
Validate and track the information associated with all payments to minimize errors and speed problem resolution.
Banks and corporations face increasing pressure to transform payments processing systems, in order to achieve:
- Cost reductions
- Straight-Through Processing (STP)
- Address new financial standards
- Customer service improvements
- Mergers and acquisitions
- Regulatory compliance
Because each payment transaction requires numerous exchanges of data between systems inside and outside of your company and often cross country boundaries, opportunities for errors are high, and payments visibility is low. Undetected anomalies may cause banks and corporate treasury groups to become overdrawn with each other, with clearing houses, or even with the central bank. As a result, they can incur costly interest payments or fees. Without complete visibility into the clearing process; risks increase, cash management positions are less reliable, customers wait, and revenues suffer.
Now more than ever, banks and corporations must validate and track the information associated with all payments to minimize errors and speed problem resolution.
Infogix is a leading provider of analytics solutions that validate and track payment transactions across complex processes and geographic locations. Our solutions enable financial institutions to achieve real-time auditing and visibility of transactions. This ensures payments settle accurately and on time. Using our proven solutions, you can improve operational efficiencies, streamline compliance, and better manage liquidity.
Track Complex Transactions – Ensure Timely Settlement
Time is money. And banks that are adept at sustaining customer relationships and revenue growth know they must settle payments faster while lowering operational risks. With Infogix solutions, you can monitor all incoming and outgoing transactions as they arrive from external sources (e.g., central banks, clearing houses, credit card vendors, customers, and other banks), and as they move between internal systems and applications to ensure timely payment. Rely on Infogix to track and reconcile payment transactions end-to-end, across businesses and international boundaries, when your partners leverage our payments solutions across their organizations.
If a payment is lost, late, or duplicated at any stage of the payments lifecycle, our solution automatically pages or emails alerts to the appropriate people. You can view summary status snapshots, drill down to detailed transaction information on a specific payment, and take immediate corrective action before problems impact customers.
Balance and Reconcile Each and Every Payment
Incorrect data is the leading cause of failed or late payments. Since payments can account for 30 to 40 percent of net banking revenue, you need continuous assurance that key information for each transaction is accurate. Our solutions help you detect, manage, and correct non-conforming information. Quickly review risk, acknowledge errors, and document corrective actions for a closed-loop audit and compliance trail – essential requirement for Basel, Sarbanes-Oxley, Solvency, BCBS 239, Financial Services Authority, and other legislation.
You can check pre- and post-settlement values within each transaction to make sure that the values are correct and no data is lost. This step is especially critical when validating cross-border payments involving multiple currencies and settlement latency. Additionally, our duplicate transaction analysis automatically ensures that each transaction is unique before and after reconciliation. You can continuously validate cash management positions.