Treasurers are experts at looking at opportunities and risks across the business. But have you covered all bases, including in your own department?
SWIFT STATEMENT COLLECTION SERVICES
ARTICLE
©2023 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 2272234
linkedin.com/company/fis
twitter.com/fisglobal
www.fisglobal.com
INTRODUCTION
How does this all help me?
Challenges
Introduction
Operational Costs
SWIFT gpi
Challenges
achieved their ROI technology targets on risk mitigation within their payments initiatives
Macro-economic factors are forcing corporations and financial institutions to pay even greater focus on shrinking cost margins. A simple solution is available to help you solve your tedious, time-consuming, costly and error-prone statement collection processes. Free up your external, operational and IT costs, as well as your time, all in the knowledge that you’re in the safest of hands.
Each banking partner will have their own costs, including recurring fees to procure statements through multiple connectivity channels. Recurring fees are also incurred for the ongoing service, dependent on the number of bank accounts and volume of messages exchanged. Corporates also need to pay annual BIC costs every year to maintain the BIC.
External costs
OPERATIONAL COSTS
Get in touch
Let’s automate statement collection
Inefficiencies in your internal processes lead to unnecessary costs. Given the manual processes involved in the consolidation and standardization of statements, followed by auditing and control procedures, a streamlined approach will save your team time to focus on other tasks where automation isn’t an option. You’re also left with the ongoing cost for internal resources maintaining the infrastructure.
External Costs
ARE YOU READY TO REDUCE YOUR COST?
getinfo@fisglobal.com
Source: FIS Readiness Report 2021
Central bank digital currencies
ROI achievements on payment initiatives
%
0
Source: FIS Readiness Report 2021
Real-time cash reporting allows you to access your account statements and balances in real time via APIs – so you can use that information faster and incorporate it into different business processes. For example, you might quickly identify that the balance on a particular account is zero, and that funds need to be transferred over before a particular payment can be released.
Real-time cash reporting
SWIFT gpi allows banks to track the status of cross-border payments end-to-end. What’s more, banks can also enable customers to track payments in real-time from their treasury and payment systems – meaning there’s no need to spend hours trying to pin down the status of individual payments.
SWIFT gpi
Central bank digital currencies, while nascent, could provide additional payment methods with central bank issued money.
Central bank digital currencies
Real-time payments are cleared within seconds, instead of minutes, hours or days – which takes the uncertainty out of the settlement process and provides instant visibility over the status of payments. Modern real-time payment schemes can also carry more remittance data than traditional payment methods, speeding up the reconciliation process.
Real-time payments
Benefits of real-time payments
35%
Improved liquidity management
Real-time view of cash position
32%
Access to transaction data
30%
Reduce costs
39%
Improve control and visibility
42%
Reduce fraud risk
44%
Drivers for increasing investment in digital tech
Central bank digital currencies have the potential to offer more efficiency and replace the handling of cash and associated costs.
Central bank digital currencies
FIS RealNet is the industry’s first SaaS-based account-to-account payments platform. Instead of having to use individual niche fintech providers in different markets and contexts, companies can use RealNet’s network of networks to identify and use the most cost-effective routing for each transaction.
FIS RealNet
Real-time payments are typically associated with a lower cost than more traditional Real Time Gross Settlement (RTGS) payment methods. They can also drive process efficiencies that may lead to further cost savings.
Real-time cash reporting
SWIFT gpi once again has benefits to offer where costs are concerned as the service provides greater transparency over costs and charges.
SWIFT gpi
Source: FIS Readiness Report 2021
indicate they are taking advantage of real-time payments
ROI achievements on key drivers
IT Costs
As global economies come under pressure, corporates and financial institutions are feeling the pain and forced to confront the impacts head on. With more pressure than ever to reduce cost margins, it’s imperative to leave no stone unturned.
One of the ways to reduce IT expenditure and reduce operational inefficiencies is to implement FIS® SWIFT Statement Collection Services.
This article will help answer some of the questions around the current challenges you’re facing and how a new approach can help your business achieve its objectives.
While the payments space is rich in innovation, it isn’t always obvious how specific initiatives can actually help your organization. Before you can identify the benefits of different initiatives and developments, it’s important to pinpoint the challenges you’re facing, and ask yourself whether different initiatives can solve these challenges in a way that suits your firm. In today’s market, companies’ top priorities include gaining visibility over payments, preventing fraud and reducing costs.
So, what happens when we look at some of the most interesting payment innovations through each of these lenses?
Collecting statements from the range of banking partners using different connectivity channels such as SWIFT, FTP and bank portals in varying formats have many impacts.
It also leads to the set up of multiple connections and ongoing maintenance of them, not to mention associated IT cost and resources. Corporates need to think of security and relationship management for these varied banking relationships.
Your operations are left with the subsequent manual processes involved in collecting, standardizing and auditing inconsistent statements fed through from multiple sources, further increasing your costs.
SWIFT gpi offers a pre-validation service that allows banks to validate the beneficiary’s account information with the beneficiary bank. It also includes a Stop & Recall service that allows corporate customers to ask their banks to stop fraudulent or erroneous payments.
Central bank digital currencies have the potential to reduce the risk of fraud as they increase the traceability of transactions and support greater monitoring of financial activity.
%
0
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally.
Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
About FIS
Get Support
Your experience is our top priority. We're here to help.
Need support
Jacksonville, Florida
United States
Headquarters
getinfo@fisglobal.com
Email us
+1 877.776.3706
Call us
Security and Resilience
The Answer
When compared to hosted or cloud solutions, the increased infrastructure required for on-premise installation is more costly. According to Deloitte, it can range from $65,000 to $85,000 for software, related hardware and integration with back-end applications. Annual recurring fees can reach 20-30% to cover software maintenance and support, depending on your volume and integration options. It is estimated that you need an additional 0.25 to 1 FTE to maintain, operate and monitor the infrastructure.
IT COSTS
Treasury and payment solutions require secure and reliable connections to banking partners. Having to manage your own proprietary infrastructure and abiding to different security protocols from various banking partners increases security risk and therefore puts greater pressure on maintaining compliance standards.
When you outsource your statement collection service, you can rely on a single secure channel to connect to banks and service providers. You can take comfort in receiving the full end-to-end managed service to handle administration of security, audit and compliance requirements.
Security and Resilience
FIS offers corporations a fully managed connectivity solution via its Account Statement Collection Service through SWIFT and/or other communication protocols. FIS Account Statement Collection Service helps corporations reduce risk and increase efficiency related to receiving end-of-day and/or intraday statements from your correspondent banks.
FIS can manage the entire relationship, from administration to onboarding for any SWIFT member banks and/or non-SWIFT member banks.
FIS SWIFT Service Bureau has the highest standard of reliability and security with 99.99% availability. The systems are maintained and operated by FIS, and the communication hub is managed 24/7 by a services team.
.
The Answer
k
0
$
for software*
up to
* SWIFT for Corporates, Deloitte, 2021
Availability*
99%
* FIS, 2023
Security and Resilience
The Answer