A rationalized back office will prepare banks for the ecosystem of the future

SWIFT gpi is continuing its mission to make cross-border payments as seamless as possible. They are accomplishing this with a roadmap of new services designed to reduce friction and to deliver more value, for both financial institutions and corporates.

Alongside SWIFT gpi, MIs and banks are also getting ready to implement the globally accepted format ISO 20022 which will improve the quality and structure of financial messages, provide rich data with each transaction.

These advancements hold the capability to enable everything from enhanced analytics to status tracking, sanction checking, and automated invoice reconciliation. But, the efficiency gains from these advancements can only be delivered by back-office optimization.

With the pandemic having forced customers to increasingly interact with banks digitally, the line has been blurred between the front and back-office operations, further driving the need for back-office optimization.

The efficiency of any operations department within financial services depends on workflow. Saving employees time and making the team more efficient. Efficiency leads to bigger bottom-line profits. To streamline work processes and improve workflow, a business has to assess the entire operation from top to bottom.

With major implementations like ISO20022 and SWIFT gpi, financial institutions need to evaluate the impact on their operations.

We at Nth Exception assist banks deliver operational efficiencies.  

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