Sterling Commerce recently announced a payment solution that integrates multiple, siloed payment channels into a single hub—connecting ACH activity, for instance with EDI. The objective? To offer one look into a given corporate customer’s payment stream for reporting, alerting and exception management purposes. Called Sterling Total Payments, the solution allows a bank to simplify operations and embrace something that consultants have referred to as a unified payments approach to execution and management.
“Banks want to offer unified payments and be in the position to rationalize the payments they make on behalf of corporate clients, but it can be difficult to provide those services with a series of separate payment engines scattered throughout their footprint,” says Jim Cahagan, global industry executive for Financial Services.
“Banks are under pressure to improve the contribution of payment-related services but face reduced margins and complex client requirements,” says Susan Feinberg, research director for wholesale banking at Tower Group. But rip and replace isn’t typically an option for banks trying to create efficiencies.
Sterling’s system can integrate with ACH, EDI, Wire, SWIFT, check, and card payments systems. It can also take data flowing from direct demand accounts and customer information files.
The user interface lets bank managers and corporate managers check the status of account activity, send and receive notifications, and generate reports, according to Cahagan.
Exceptions can be managed from the same interface and data from underlying payment systems, which is flowed to the Total Payment’s hub can then be forwarded to bulk files for enterprise resource planning systems, internet cash management systems, branch systems, call centers, and to the e-mail channel. The solution, which supports domestic and international payments, supports improved analysis of payment activity and compliance by automating enforcement of bank policies and regulations that apply to all payment channels. Banks can look at activity and determine new payment service opportunities. Enhanced visibility into payment streams can also support customer self-service.
The electronic version of this article available at: http://lb.ec2.nxtbook.com/nxtbooks/sb/ababj0808/index.php?startid=44
Trackback(0)
|
TrackBack URI for this entry
Subscribe to this comment's feed
