Digital Payments and Investigations

Digital Payments Control

Delivering real-time control, greater visibility into payments processing, and facilitating rapid detection and investigation of exceptions
The climate in which participants of the digital payments arena are competing is an exceptionally tough one: revenue per transaction is declining, while pressure from financial regulators, card schemes, consumer protection bodies and fraud prevention agencies is adding to complexity and putting up the cost of doing business. 

To flourish in this changeable and highly competitive market, firms must control digital payments more efficiently. 

SmartStream’s Digital Payments Control has been developed to challenge the existing status quo in this area and, in particular, to tackle the complexity firms face. It offers all the functionality firms need to make complex processes quick and easy to execute and monitor, while, at the same time, being intuitive, user-friendly, and easy to learn. 

Highly scalable, Digital Payments Control provides a real-time control layer, delivering greater visibility into transaction processing, and assisting firms to automate posting generation. It enables users to manage various aspects of digital payments processing, e.g., full transaction lifecycle monitoring, settlement voucher creation, ATM balancing, chargeback processing, plus many other tasks. 

The essence of a successful transactions reconciliation system is that it allows exceptions to be found rapidly and investigated, meaning risk exposure can be understood correctly and managed effectively. At its core, Digital Payments Control has an industry-leading reconciliations engine which automates transaction processing, removing manual activities and replacing them with exceptions handling technology. Any unmatched items can be resolved using the solution’s sophisticated, pre-configured workflow: this enables firms to identify problems – such as unmatched settlements and amounts, and potential fraud – making it possible to reduce risk, exercise greater control over operations, as well as create cost and time savings. 

The solution increases automation levels and drives up STP rates, bringing down the overall cost of payment processing. In addition, a lower exceptions rate frees up staff to concentrate on more valuable tasks. 

Importantly, Digital Payments Control improves customer service, for example, through the reduction of account errors, thereby protecting and enhancing a firm’s reputation. 

Advanced Payment Control

Delivering automation of payment investigations for SWIFT and RTGS 
TLM Aurora Advanced Payment Control provides financial institutions with a single, integrated solution to track, monitor and investigate all their payments. Highly sophisticated, it enables firms to streamline and optimise investigations, irrespective of the payment system used. 

Advanced Payment Control offers a standardised way of working; its pre-configured workflows allow the automation of large parts of the exception handling process, guiding users through the exception lifecycle, and virtually eliminating the risk of errors occurring. These tailored workflows not only reduce the potential for error but it improves resolution times – leading to increased efficiency and reduced costs. 

Sophisticated analytics provide valuable insights into the root causes of failed or investigated payments, empowering financial institutions to tackle problems at source, as well as to better understand the level of effort actually required to deal with different exception types, payment systems or correspondent banks.