Corona - Solution Overview
Delivering visibility and control to multi-product reconciliations
Corona is a comprehensive, modular solution for effectively reconciling cash transactions and securities messages, and confirmations to deliver complete transaction management and control. The integration of corporate actions reconciliation, detection of exceptions leading to investigations and system performance applications enables institutions to reduce operational risk and cost through continual process improvement. Providing transaction processing capabilities through a flexible design, Corona is easy to integrate into existing architectures yielding significant improvements in processing efficiency. Corona can reconcile transaction data in any format from any source to deliver:
Cash end-of-day and intraday reconciliations of Payments, Interims, Revenues of single bookings as well as
Securities lifecycle reconciliations with Trades, Settlement Instructions, Transactions, Holdings and Corporate actions
Confirmation reconciliations for all types of FX, Money Markets, Commodities as well as Derivatives (Options, Swaps, Forwards,..)
Cards lifecycle reconciliations with Transactions/ Authorisations, Settlement and Inventory
Generic type intersystem and universal data reconciliation
Proactive exception alerting
Integrated exception and investigations processing
Corona’s comprehensive reconciliation, exception highlighting and investigation capabilities help to deliver complete transaction management control and optimised risk management. As a result of this integration, operational control is strengthened and risk reduced as financial institutions gain greater visibility into transactions
The efficient reconciliation of cash is vital to delivering cost effective back office operations. Corona aims to provide consistency and control through intelligent matching rules integrated within an intraday platform. Reconciling cash intraday can significantly reduce risk exposure, as any problematic transactions can be proactively identified and escalated while markets are still open. Corona is designed to support bank requirements for Nostro and Vostro reconciliations. Any slow-to-settle transactions are identified as they occur, allowing firms to reduce their risk exposure. Corona’s flexible matching conditions additionally give firms tighter control of their operational risk management, ensuring that only true mismatches are identified as exceptions. This is achieved through support for multiple SWIFT message types.
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Automating the securities reconciliation process with Corona increases matching rates and supports higher STP rates. Corona’s automated, real-time reconciliation of transactions allows a greater volume of transactions to be processed more efficiently, while at the same time enabling exceptions to be identified and dealt with as they occur. This is critical during periods of market volatility and high trade volumes, when human error is more likely to occur. Corona Securities supports firms to effectively manage risk exposures through the rapid identification of position breaks and failed trades, while providing real-time access to information on all securities transactions and positions. Corona monitors the reconciliation and pre-settlement status of securities traded against pending transactions, problem notifications and confirmations of delivery / receipt. This enables institutions to focus on exceptions at the earliest opportunity, with the aim of reducing operational risk.
Corona Confirmations provides real-time matching and management of foreign exchange, derivatives, precious metal confirmations and money market confirmations as well as supporting CLS trades. Corona can deliver two way, three-way and four-way matching of these trades, supporting institutions’ efficiency drives, while helping to reduce operational overheads and risk. The ability to reconcile confirmation messages in realtime and alert users to outstanding confirmations as they occur ensures minimal manual intervention. Through automatically converting continuously misquoted account or bank details and handling all code words for cancellation or amendments, Corona Confirmations can achieve industry leading matching rates.
The deployment of Corona Investigations alongside Corona Active (for alerting) allows exceptions to be dealt with as soon as they occur. Corona’s integrated alerting and investigations tools are designed to support institutions to manage higher volumes more effectively. Institutions can resolve exceptions on a pre-settlement rather than post-settlement basis, delivering more proactive risk management to help further reduce risk exposure. Exceptions that are not based on reconciliation but are triggered by other applications, departments, customer or external business partners can also be automated in Corona Investigations.
Corona Universal Data
By employing Corona Universal Data, institutions achieve an optimal level of transactional and operational control. Corona Investigations Its ability to handle all kinds of transactional reconciliations enables it to deliver a complete audit trail irrespective of the products, systems and counterparties they span. With Corona Universal Data, different types of transactions can be reconciled against one another, for example, a cash item to a security transaction. This enables different legs of a transaction to be combined within the same reconciliation to provide a single view of any exceptions that may occur.
Corona’s inter-system reconciliation module allows transactions to be matched at each crucial stage in the transaction. As a result, financial institutions can identify potential exceptions earlier and trigger the investigation process pre- rather than post-settlement. This workflow greatly reduces the risk of late or non-settlement and the costs involved with potential losses and interest payments. The matched results are kept in a central database for enhanced auditing purposes, increasing internal transparency, helping to meet regulatory requirements and further reduce operational risk.
Corona Cards is unique, offering at its core an industry leading reconciliation engine coupled to a sophisticated investigation workflow to ensure efficient and effective resolution of unmatched items. As a result it delivers significant reductions in risk and enables firms to identify any problems such as replenishment, potential fraud and faulty machines, more efficiently, saving time and money. Available as a standalone solution or as part of the existing offering, it enables banks and ATM and POS deployers to automate the entire card transaction lifecycle, replacing manual activities with proven exception-based handling processes. Corona Cards delivers a real-time operational control layer ensuring greater visibility into card transaction processing and enabling firms to manage different elements of card processing, from transaction authorisation through to issuer / acquirer settlement, inventory and invoice reconciliation.
Cash & Liquidity Management (Corona Edition)
Cash & Liquidity Management (Corona Edition) delivers comprehensive, real-time cash management to ensure that all investment and lending opportunities are optimally exploited and risk is effectively managed. By consolidating existing siloed infrastructures into one automated, enterprise-wide solution, allows users to see clearly where each piece of evidence has come from to justify a position. Cash & Liquidity Management (Corona Edition) delivers a single, global view across all currencies and accounts, providing an accurate, timely view of balances and current risk profile across the cash flow lifecycle.