SmartStream, a financial Transaction Lifecycle Management (TLM) specialist and provider, has launched its Corona Retail Payments Control, the group’s reconciliations and exceptions management tool and newest addition to its product suite, per a company statement.
The new product was designed to help automate reconciliations processing and exceptions handling. This is important as it will aim to reduce costs, mitigate risks, improve client value, and ultimately deliver operational control across the entire retail payments transaction lifecycle.
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The launch of the new product comes at a time when managing retail payments remains a challenge for many financial institutions. A combination of shortcomings from automation and an over-reliance on traditional means such as spreadsheets, databases, and paper processes has created a number of issues for venues.
Moreover, the retail payments industry itself has also gone through a metamorphosis over the past several years, now more than ever dependent on a digitized infrastructure and mechanisms such as P2P payments, alternative payments, and digital currencies.
According to Christian Schiebl, Head of the Corona Business Unit at SmartStream, in a statement on the launch: “The climate in which players are competing is exceptional while revenue per transaction is declining. Pressure from financial regulators is increasing all while card schemes, consumer protection bodies and fraud prevention agencies are all adding to the complexity and expense of doing business.”
“Our solution provides full monitoring of the entire transaction lifecycle during the settlement of funds, charges incurred for services delivered, as well as inter and intrabank transactions – a total end-to-end solution, something the market truly needs at this crucial time,” he added.