PINQ E&I supports payment related transactions
International money transactions have developed very dynamically in the last few years. The steeply rising number of transactions also comes with a steady increase of information exchange between financial institutions using SWIFT. An average of approx. 15 Million SWIFT messages is being sent every day.
This development has resulted in large investments by financial institutions, so that now more than 90 % of transaction processes occur automatically and correctly.
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But what if a transaction is not processed automatically or does not arrive where it is expected?
According to a SWIFT survey of well-known financial institutions, up to 5% of all payment instructions lead to queries. There are significant weaknesses in the manual processing of these cases. These include:
- the lack of effective and efficient interfaces between demand intake and the back office
- an enormous workload caused by manual processing
- constantly rising processing costs due to increasing transaction volumes
- communication between the parties involved does not comply with SWIFT standards
- dissatisfied customers due to lengthy demand processes
Against the backdrop of the EU directive on the standardization of payment transactions, the requirements for the demand processing of transactions have become even more stringent.
Your benefits with PINQ: Automation and increased efficiency in payment transactions
1. Increased efficiency and cost reduction
PINQ avoids media disruptions and simplifies multi-channel management. It supports XML formats, creates electronic files and enables a complete case history.
2. Fulfilment of regulatory requirements
PINQ ensures compliance with SWIFTNet E&I, Payment Service Directive (PSD) and SEPA Investigations.
3. Improved customer service
Shorter processing times and high-quality responses mean that enquiries are processed efficiently. The process is transparent and transactions are easy to trace.
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Individual and future-proof IT and business solutions.
Marc Claas
Product Manager PINQ