Circa 7 to 8% of all the cross border payments processed by any transactional bank, drop in the exceptions queue, and 100% of these cross border payments undergo screening.
Number wise, taking into consideration a huge transaction bank, approximately 80k fresh inquiries are raised every day of which 60k inquiries have a follow-up query. This means that at any given time 140k payments are on hold i.e. 140k customers are unaware of the fate of their payment.
So the question arises, are these banks really adhering to the 100% transparency promised to their customers?
In order to give what is promised, which is possible, banks need to improvise payments E and A applications to deliver real-time updates
- API’s linked to online/mobile apps.
- Personalized updates via SMS
- Monthly statements for commercial clients with a list of inquiries
It will enable both retail & commercial customers to have a clear view of every payment.
As the client gets involved and updated during the process, actual needs & issues will eventually surface. Banks can then fix the issues & fulfill their client needs. Once banks start fulfilling their clients’ needs, the clients will not have issues with charges that are levied on them. This develops into a lifecycle and becomes a win-win situation for clients, banks and regulators alike.
