Fragmented Hell or Integrated Heaven? The Corporate Perspective on Today's Banking and Transaction Options

Dec 02, 2014, 02:15 ET from AccessPay

LONDON, December 2, 2014 /PRNewswire/ --

Modern corporates rely on comprehensive, real-time financial information for their decision-making - but getting this information is a bit like negotiating endless multi-junction highway repairs, each one presenting a unique set of driving rules and demanding a different user response. Today's legacy corporate banking system is fragmented. And it can barely cope with the rigours and demands of modern business. But what's the alternative?  

Viewing real-time balances and transactions; conducting automated reconciliations; managing liquidity and transferring money proactively: these are the daily goals of corporate treasurers. But the way that modern banking processes have evolved makes these harder than ever to achieve.

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Corporates need to make decisions and take actions based on a clear end-to-end global account visibility; but instead they face a constant struggle to manage the multiple links provided by their banks, including proprietary banking via the internet, host-to-host, fax link, etc.

And the reality of all this? Different log-on procedures; different protocols; different formats; and different message standards - disparate information accessed through fragmented portals which makes standardisation impossible.

So, what if we could use the benefits of hindsight to wind the clock back and reinvent the corporate banking matrix? What would it then  look like? 

Just think how much more time- and cost-efficient it would be to process financial transactions end-to-end without unwanted manual intervention, and to be able to automate payment generation, reporting and back-office workflows.

Well, it exists today and is fast becoming popular with corporate treasurers. It's called 'straight through processing', a system which provides an integrated, consolidated transaction journey from start to finish.

Straight through processing uses single-entry technology that cuts right through the tangled routes of today's vital financial transactions. By no longer having to meet the demands of multiple bank interfaces, corporates become bank agnostic; meanwhile automation delivers significant benefits, including:

  • Reduced error rates
  • Greater visibility of transactions and cash positions
  • Greater staff efficiency and productivity
  • Improved data availability, reliability and accuracy.

Who is adopting straight through processing? 

Many corporates wanting to seize the opportunities offered by today's new technologies are turning to SWIFT. SWIFT has extended its product offering beyond its traditional banking user base by providing a corporate solution powered by straight through processing.

In fact over 10% of SWIFT membership is now made up of around 1300 corporates, 40% of which are 'mid-tier' such as Clarks, Smythson and Burberry, each with an annual turnover of less than £1billion. And one of the reasons they opt for SWIFT's solution is its ability to rationalise and consolidate a number of different channels from multiple banks into a single point, with obvious benefits including:

  • One gateway, one network and one security standard
  • Lower costs and reduced risk
  • Improved control and improved compliance
  • Increased productivity and effective business continuity.

But there's more…

Reaching for heaven 

To get the most from straight through processing, the best option is to look 'upwards' into the cloud where there are even greater benefits to be derived from SWIFT's innovatory cloud-based option, Alliance Lite2. Extremely secure and reliable, the cloud-based connection allows for the exchange of all SWIFT messages and file types, comfortably managing the volume needs of most SWIFT customers.

The cloud is not only the easiest way to connect to SWIFT, but also offers a light footprint for end customers, and supports both manual and automated modes of operation. Alliance Lite2's secure financial messaging helps corporates to free up staff to focus on more profitable business opportunities.

How does SWIFT deliver the cloud-based service? 

SWIFT has chosen the specialist payment and cash management company AccessPay as the first Global Partner for Cloud Services. It is this collaboration which enables SWIFT's bank and corporate customers to access a secure and flexible cloud-based payment hub, delivering streamlined processes and productivity benefits through seamless connectivity.

It is incredible to think back just a few years when technology was barely even imaginable. But today it is not just possible; it is reality, reflecting and responding to increasingly complex business needs by delivering effortless, secure and efficient transaction processing. And with vastly superior powerful reporting and analytical tools included in this cost-effective solution, no forward thinking company need linger in a fragmented transaction hell any longer.  

About AccessPay  

AccessPay was the first SWIFT partner in the UK, allowing them to offer cloud-based payment and cash management applications fully integrated with SWIFT.

AccessPay uses next-generation 100% cloud-based technology to offer their clients secure, efficient and affordable solutions for Multi-Bank Cash Management, SWIFT, Bacs Payments, Direct Debit Management, Faster Payments and SEPA.

For more information about AccessPay, visit http://www.accesspay.com
Marketing Communications: Lauren King, Email: info@accesspay.com
Phone: +44(0)203-282-7152
Twitter: @Access_Pay
Hashtag: #AccessPay

SOURCE AccessPay