Correspondent Banking

Correspondent banking facility enables the message exchange between the financial institution and its correspondent banks, automated incoming message processing and account reconciliation. It comprises Outgoing Message Processing, Incoming Message Processing and Reconciliation modules.

The sub-system fully supports SEPA, SWIFT and other XML-based formats. Outgoing messages are generated and released for uploading to the SWIFT interface at a specific processing stage defined in the workflow engine.

Incoming Message Processing module handles advice notes and statements received from the correspondent bank. The module automatically identifies payees on the advice note and creates a work queue of required credits to be made to respective accounts upon the receipt of confirmation. Internal accounting records and statements are reconciled in real time. Unmatched items are moved into a suspense account until their proper disposition is determined.

Key Features

• - Real time operation
• - SEPA, SWIFT and other XML-based formats supported
• - STP-based incoming message processing
• - Mismatch reporting