Dramatic forces of change continue to sweep the financial services industry. The age of the empowered customer is here and changing the way financial products are delivered, sold, and serviced, as well as making relationships more complex than ever. The explosion of data and intense competition, combined with slow or inconsistent economic conditions, makes it imperative for financial institutions to find new and cost effective ways to increase market share, renew customer trust, and drive profitable growth.
In this new business environment, the transaction processing arm of the industry is facing increased pressure to reduce float, better manage liquidity, and provide regulators and clients with increased transparency. At the same time, the industry must manage in an effective manner the risks associated with introducing customer-focused and regionalized products and services.
Adding complexity are the many interfaces that financial institutions must accommodate, from customers and business partners to regulators and third party service providers. Additionally, customer information might reside in many different systems. Different lines of business, within a financial institution, serve the same customer but might not be sharing data. The inability to use information effectively across the enterprise can keep financial institutions from providing the most optimal customer experience.
These situations call for ensuring that Enterprise Resource Planning (ERP) systems can create direct transactions with partners while processes take place, and being able to track processes at any step during a transaction processing life cycle. Yet, in cost-conscious environments, eliminating inflexible, complex operations and siloed data cannot be accomplished by complete replacement of existing systems.
Financial Transaction Manager enables the management, orchestration, and monitoring of financial transactions during their processing life cycle. Financial Transaction Manager provides the capability to integrate and unify financial transactions in various industry formats (including ISO 20022, SWIFT, NACHA, EDIFACT, ANSI X12 and others). Using Financial Transaction Manager, financial institutions gain visibility into message processing, balance financial risk, and facilitate effective performance management.
This IBM Redbooks publication outlines how Financial Transaction Manager is deployed to realize the benefits of transaction transparency, increase business agility, and allow for innovation built on a robust and highly performing environment
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