RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest financial services firm and a long-standing SmartStream customer. Raiffeisen also operates one of the largest banking networks in Central and Eastern Europe and is the first Austrian bank to implement SWIFTNet E&I, the SWIFT initiative to automate payment exceptions and investigations.
To support this project the bank has selected SmartStream’s TLM Corona SWIFTNet E&I solution to create an integrated reconciliations and payments exception management platform. This will drive higher STP-rates for SWIFT-originated investigations, reduce exception processing costs and improve customer satisfaction and loyalty through shorter turnaround times for investigations and more comprehensive responses to inquiries.
“Innovation and the use of cutting-edge technology has always been very important for RZB as we aim to offer the best services to our customers,” says Walfried Lemerz, head of RBG & Infrastructures at RZB. “When we decided to implement SWIFTNet E&I, it was clear that extending our existing TLM Corona reconciliations platform would provide the fastest time to market for this important project. We have developed a successful relationship with SmartStream over many years and wanted to extend that further with this project. Being the first bank in Austria to implement SWIFTNet E&I will help us to stand out from our competitors and to impress our customers with even better services.”
Christian Schiebl, executive vice president at SmartStream, says: “Having had a strategic partnership with RZB for many years, we are delighted that the organisation has once again turned to SmartStream to support its SWIFTNet E&I project. Extending their existing reconciliation and investigations platform will help to deliver a faster ROI and enable RZB to quickly deliver the payments exceptions and investigations functionality within SWIFTNet to its clients.”