- Trax solution enables banks to enhance customer service through quick and efficient exception resolution
- Live interactive demo of Trax Exceptions and Investigations across SWIFT and Trax exhibition booths at Sibos 2005
Sibos, Copenhagen, Denmark, September 5th, 2005 - Trax, a leading provider of financial messaging processing platforms, today announced a new tool for handling exceptions and investigations that will enable banks to fully automate the resolution of payment inquiries. Trax Exceptions and Investigations, which automates inquiries relating to all payment types, has been accredited SWIFTNet Ready status and will be on display during Sibos 2005 via a series of live interactive demonstrations.
Traditionally, resolving payment inquiries has been extremely costly and labour intensive for correspondent banks and end users. SWIFT has asserted that new technologies developed to support its SWIFT Exceptions and Investigations solution can potentially help increase automation rates from the current four per cent rate to 57 per cent. SWIFT Exceptions and Investigations is based on a business model that provides a case management framework and on a set of SWIFTNet components that enable inquiry messages to be exchanged. The SWIFT solution will be piloted by a number of banks in Q4 2005.
Complementary to Trax's Real-Time Cash Reporting module, a key feature of Trax Exceptions and Investigations service is that it allows banks to identify and correct any balance errors in both pre- and post-settlement, thereby optimising operations and increasing straight-through processing levels. As well as offering valuable cost savings to banks, the new tool enables banks to improve customer service levels through quick and efficient error resolution.
Hans Cobben, CEO, Trax comments, "It is estimated that between two and five per cent of all payments are subject to an inquiry. If banks can identify and correct any payment irregularities automatically there are exceptional time, cost and efficiency gains to be realised. Moreover, at a time when banks are competing to develop new capabilities based on SWIFTNet, efficient payment resolution can prove a key differentiator, allowing banks to win and retain clients based on superior customer service."
Catherine Banneux, Product Manager for SWIFTNet Exceptions and Investigations, comments, "Exceptions and investigations are among the most resource intensive processes for banks. New technologies that build on SWIFT Exceptions and Investigations can lend unprecedented operational efficiency and therefore deliver substantial cost savings.
We are happy to extend our partnership with Trax into the investigations area through the 2005 SWIFTNet Ready Exceptions and Investigations label."
Trax Exceptions and Investigations will be available for live interactive demonstrations throughout Sibos 2005. The demonstrations will feature payment inquiry messages exchanged between SWIFT and Trax exhibition booths (C251).