Electronic systems such as SWIFT, Fedwire and CHIPS provide secure and fast ways of transmitting transaction information. However, due to poor data quality, the overall business process remains inefficient: clearing codes, account information, bank references or broker names may be approximate, invalid or missing.
These defects result in poor STP rates and in costly manual exceptions processing. An efficient STP solution will minimise costs, reduce operation errors, lower risk by shortening the settlement cycles and improve customer service.