How to deal with Zombie Interbank Charges and Commission Claims

An introduction to FinCase 

In Europe, the money tied up in payment commission runs into the 100 of millions every year and yet many firms struggle to handle these high volume, low value transactions effectively. This is because the manual effort in processing them often exceeds the individual transaction values. This leads to lost revenue and 100,000s of zombie commission claims that are neither received nor paid that clog up systems and create unnecessary complexity.

valantic Financial Services Automation has developed an elegant approach to this problem that uses contemporary workflow technology to address the three main issues banks face when dealing with charges and claims processing.

1. A lack of standardization among the banking community: Financial institutions exchange their claims through various channels and formats: While SWIFT MT191 is the ideal approach, excel, email, fax and paper are still heavily used. valantic has a unique load and go approach that can ingest, sort and normalise any file format.
2. Existing payment applications fail to cover the entire process. For example, it is not possible to validate and ensure that claims received via invoice are correct. FinCase covers and automates the entire life-cycle and is being continually extended to meet new regulations and emerging standards. 
3. Inability to monitor the claims process effectively: As manual processing is currently very common, either large operational teams are necessary, or banks simply write off money lost due to incorrect handling.

Many financial institutions are now benefitting from FinCase especially in terms of its ability to be customised to meet specific or new workflows that banks require. In this Webinar Mirta Fortes, our senior bank-to-bank commissions specialist, will share exclusive insights into the benefits of using FinCase using real world examples.