A combination of factors is forcing financial institutions to examine transaction management processes in order to reduce operational risk and cost. There is an ever present pressure to realise cost and efficiency gains by replacing manually-intensive, paper-based processes with automated solutions that can increase straight-through-processing (STP) rates. SmartStream’s Corona is designed to automate multiproduct reconciliations to deliver greater control and visibility into transactions. Corona is a SWIFTReady Gold accredited, modular application that addresses the reconciliation needs of institutions of all sizes to provide greater transaction management control.
Delivering visibility and control to multi-product reconciliations
Corona’s sophisticated matching functionality enables financial institutions to achieve the highest possible STP rates. Users can define their own matching sets and tolerances. The system can be configured to match on an unlimited number of fields and can perform multiple matching cycles, each using different fields and / or tolerances. This ensures that the number of transactions requiring manual intervention is kept to an absolute minimum, increasing STP. The matching process is triggered as soon as new data is loaded into the system. One-to-one, one-to-many and many-to-many matching are standard features of Corona.
Financial institutions are only as good as the data they receive. Misquoted information often makes automatic matching impossible, increasing the need for costly and time consuming manual intervention. To help overcome some of the operational issues associated with poor data, Corona deploys a powerful reference-engine that can translate misquoted information into comparable data and deliver a considerable increase in STP rates.
Corona incorporates reporting functionality across the reconciliation and investigation modules, providing accurate, real-time cash positions that reduce exposure to interest penalties. Intraday reconciliation allows banks to identify potential problems as early as possible, reducing the risk involved.
Exceptions can account for a large proportion of back office costs. By delivering fully integrated, cross-product exception detection, including proactive alerting and investigation processing, Corona enables this figure to be vastly reduced, realising increased capacity, improved operational control and reduced risk.
Automated Exception Handling
Corona’s ability to reconcile data in real-time across financial instruments means that any discrepancies in the matching and reconciliation process are identified pre- rather than post-settlement. Exception details are automatically forwarded to Corona’s investigation module for quick and efficient escalation and resolution. By automating the exception process investigations teams are freed up to focus attention on the exceptions that pose the most risk. Investigations can be generated automatically, in batches at pre-determined times or manually.
Pre-settlement Exception Resolution
Corona’s modules track transactions, delivering timely alerts to users and highlighting issues that require immediate attention. This removes the need to manually run inquiries and reports. This approach is delivered through Corona’s system-wide monitor, Corona Active, ensuring issues are escalated before they become a problem, further increasing operational efficiency and risk control. By continually monitoring the underlying activity in the core Corona modules, users are alerted to issues that require attention before they become a problem. Alert criteria are fully user-defined and can be used to highlight a full range of issues, from system performance to transaction breaks.
TLM® OnDemand for Corona users
SmartStream TLM® OnDemand for Corona users delivers the industry’s most widely deployed reconciliation solution, as a secure, fully managed service with low upfront investment and low ongoing cost.
TLM OnDemand delivers the same market-leading functionality relied upon by hundreds of institutions to manage their transactions, through a cost-effective managed service.
Existing TLM Corona users and new organisations can achieve their automation goals and improve their straight through processing (STP) rates without the cost and resource implications of managing software, infrastructure and upgrades in-house.