Existing payments exceptions and investigations processes are manually intensive, introduce unnecessary cost, risk & revenue leakage. SWIFT Exceptions and Investigations (E&I) approach promotes the efficiencies that banks are seeking in their payment operations by automating the exception handling processes. SWIFT GPI is one of the initiatives.
Though several softwares are fully compliant with the SWIFT E&I standards and rulebook, an out-of-the-box solution to link E&I app with reconciliation is missed out. This is where banks invest in additional hardware or operations/administration costs. Especially in an outsourced environment!
Delivering a single solution for payments reconciliation, exception management and investigations with internal and external accounts is the key, in the long run it will improve customer satisfaction through shorter turnaround times for investigations, provide greater visibility into payments processing, this alone can be considered as a critical risk management tool for a transaction management institution.